EUR/USD Mid-Session Technical Analysis for November 11, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading higher at the mid-session. Volume and volatility are below average because of today’s U.S. bank holiday.

The main trend is down according to the daily swing chart. The early price action, however, has made 1.0673 a new minor bottom. The new minor range is 1.0673 to 1.0773, which makes 1.0723 a minor pivot and potential intraday support.

The key angle controlling the direction of the market today is a long-term, downtrending angle from the 1.1494 main top. This angle is at 1.0734 today.

A sustained move over 1.0734 will signal the presence of buyers. However, without at least average volume behind it, gains are likely to be limited.

A new short-term range formed between 1.1072 and 1.0673, making its retracement zone at 1.0873 to 1.0920 the primary upside target over the near-term.

A sustained move under 1.0734 will indicate the presence of sellers. This could lead to a break into 1.0723. This is followed by the minor bottom at 1.0673.

Watch the price action and read the order flow at 1.0734 today. Trader reaction to this angle will tell us whether the bulls or the bears are in control.

2-Hour EUR/USD Technical Analysis

The main trend is down according to the 2-Hour EUR/USD swing chart. However, momentum has been to the upside since reaching a low at 1.0673.

The main range is 1.0897 to 1.0673. Its retracement zone is 1.0785 to 1.0811. This is the primary upside target along with the November 9 top at 1.0789.

The short-term range is 1.0673 to 1.0773. Its retracement zone at 1.0723 to 1.0711 is the primary downside target. If this market is getting ready to turn higher then buyers are likely to come in on a test of the retracement zone.

Because of the U.S. bank holiday, be careful buying strength or selling weakness. There may not be enough volume in the market to support breakout or breakdown moves.