EUR/USD Mid-Session Technical Analysis for November 15, 2013

Daily Chart

The EUR/USD is trading higher at the mid-session. Earlier in the session, the Forex pair held a key uptrending Gann angle at 1.3415, keeping this week’s series of higher-highs and higher-lows intact. As long as this angle holds as support, look for the market to trend higher.

Shortly after the release of a weaker-than-expected U.S. economic report, the EUR/USD pushed through a major 50% level at 1.3491. If upside momentum continues then look for the rally to continue into a downtrending angle at 1.3532.

Looking at the bigger picture, the main range is 1.3832 to 1.3295. This makes the retracement zone at 1.3563 to 1.3627 the next likely upside target.

Given normal daily volatility, investors should look for a drive into 1.3532 today. Since the main trend is down, watch for selling pressure on the initial test of this angle.

Hourly Chart

The main trend is up on the hourly chart. The EUR/USD reaffirmed the uptrend when it took out two tops at 1.3488 and 1.3497. If upside momentum continues then look for an eventual drive into a pair of tops from a week ago at 1.3528 and 1.3547.

This hour, uptrending support is at 1.3492. This angle has been moving up .001 per hour since forming the bottom at 1.3432. A break through this angle will be a sign of selling pressure and could drive the market into another Gann angle at 1.3462 this hour. This angle is moving up at a pace of .0005 per hour.

The hourly chart indicates there is plenty of room to the upside with 1.3528 and 1.3547 potential targets. The key as to when these prices will be tested depends on whether the EUR/USD continues to follow the steeper uptrending Gann angle moving up .001 per hour or the other angle rising at a rate of .0005 per hour.