EUR/USD Mid-Session Technical Analysis for November 17, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading lower at the mid-session. Early in the day, the Forex pair pierced the previous bottom at 1.0673, reaffirming the downtrend and making 1.0829 a new main top.

Not only is the swing chart pointing lower, but the EUR/USD is also trading inside a potentially bearish downward channel. The upper level of the channel at 1.0709 is resistance. The lower level of the channel at 1.0574 is a potential downside target.

Look for the bearish tone to continue as long as the EUR/USD remains inside the channel. If it continues to remain inside the channel then look for a test of the April 13 main bottom at 1.0520 between November 18 and November 24.

If there is a reversal today and the momentum is strong enough to trigger an upside breakout over 1.0709 then look for the move to extend into the nearest downtrending angle at 1.0769.

2-Hour EUR/USD Technical Analysis

The main trend is down according to the 2-Hour chart EUR/USD swing chart. However, the closing price reversal bottom at 1.0642 has temporarily stopped the selling.

A trade through 1.0673 will confirm the closing price reversal bottom chart pattern. A sustained move over this level could create enough upside momentum to trigger a move into the retracement zone at 1.0705 to 1.0720.

The extremely short-term range is 1.0642 to 1.0673. This makes its mid-point at 1.0658 a key intraday level to watch.

A trade through 1.0642 will negate the closing price reversal bottom chart pattern. This could encourage renewed selling pressure with 1.0520 the next major target.

Watch the price action and read the order flow at 1.0673. Trader reaction to this level will tell us if the bulls or the bears are in control.