EUR/USD Mid-Session Technical Analysis for November 10, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading slightly lower at the mid-session. Volume and volatility are light and the market is trading inside the previous day’s range for a second session. This indicates trader indecision and impending volatility.

The first upside target is a long-term downtrending angle at 1.0774. This angle has provided guidance and resistance since October 15 or 18 sessions. Trader reaction to this angle will likely determine the direction of the market today and perhaps over the near-term.

A sustained move under 1.0774 will indicate the presence of sellers. This may create enough downside momentum to lead to an eventual test of last week’s low at 1.0705. This price is a potential trigger point for an eventual sell-off into the April 13 main bottom at 1.0520.

A sustained move over 1.0774 will signal the presence of buyers. This move could also lead to increased momentum, but this time to the upside.

Given the short-term range of 1.1072 to 1.0705, the primary upside target is a retracement zone at 1.0889 to 1.0932.

2-Hour EUR/USD Technical Analysis

The main trend is down according to the 2-Hour EUR/USD chart.

The main range is 1.0897 to 1.0705. Its retracement zone at 1.0801 to 1.0824 is the primary upside target.

The short-term range is 1.0705 to 1.0789. Its retracement zone is 1.0747 to 1.0737. The market is currently straddling this zone. Trader reaction to this zone will likely determine the direction of the EUR/USD over the near-term.

Look for a bullish tone to develop into the close on a sustained move over 1.0747 and a bearish tone into the close on a sustained move under 1.0737.

If 1.0747 is taken out with conviction then 1.0789 and 1.0801 become potential targets.

If 1.0737 is taken out with conviction then 1.0719 and 1.0705 become potential targets.

There isn’t much momentum today so be careful buying strength and shorting weakness. Make sure you have rising volume on your side or the moves will fail.