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EUR/USD Mid-Session Technical Analysis for November 13, 2015

By:
James Hyerczyk
Updated: Nov 13, 2015, 11:21 UTC

Daily EUR/USD Technical Analysis The main trend is down according to the EUR/USD daily swing chart. Volume and volatility are below average as investors

Daily EUR/USD

Daily EUR/USD Technical Analysis

Daily EUR/USD
Daily EUR/USD

The main trend is down according to the EUR/USD daily swing chart. Volume and volatility are below average as investors await the release of the latest U.S. retail sales data at 8:30 a.m. ET.

The main trend is down according to the daily swing chart.

The minor range is 1.1072 to 1.0673. Its retracement zone at 1.0873 to 1.0920 is the primary upside target.

The short-term range is 1.0673 to 1.0829. Its 50% level or pivot is 1.0751.

Based on the current price at 1.0774, the direction of the market the rest of the session is likely to be determined by trader reaction to the pivot at 1.0751.

A sustained move over 1.0751 will indicate the presence of buyers. The next upside objective is a steep uptrending angle at 1.0793. Overtaking this angle will put the market in a bullish position. This could lead to a test of yesterday’s high at 1.0829.

A breakout over 1.0829 could create enough upside momentum to challenge 1.0873 to 1.0920.

A sustained move under 1.0751 will signal the presence of sellers. This is followed by a pair of uptrending angles at 1.0733 and 1.0703. The latter is the last potential support angle before the 1.0673 main bottom.

Breaking 1.0673 will signal a resumption of the downtrend with the next target 1.0654. Crossing to the weak side of this angle will put the EUR/USD in a bearish position.

2-Hour EUR/USD Technical Analysis

2-Hour EUR/USD
2-Hour EUR/USD

The main trend is up according to the EUR/USD 2-Hour Chart.

The main range is 1.0897 to 1.0673. Its retracement zone is 1.0785 to 1.0811. This zone was taken out earlier in the session when the EUR/USD rallied to 1.0829, but buyers couldn’t sustain the move. However, it is still considered resistance.

The short-term range is 1.0690 to 1.0829. Its retracement zone is 1.0760 to 1.0743. This zone is support. Just a short while ago, buyers established support on the 50% level at 1.0760.

Based on the current price at 1.0774, the key support levels to watch are 1.0760 and 1.0743. The key resistance levels are 1.0785 and 1.0811.

Overtaking 1.0829 will signal a resumption of the uptrend. Taking out 1.0690 will turn the main trend to down.

If the EUR/USD continues to trade through 1.0785 then 1.0751 will become a new swing bottom and change in trend point. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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