EUR/USD Mid-Session Technical Analysis for November 18, 2015

James Hyerczyk

Daily EUR/USD Technical Analysis


The EUR/USD is trading higher at the mid-session. Earlier in the session, the Forex pair took out yesterday’s high without much fanfare, but it did help form a new minor bottom at 1.0630.

The direction of the market today is likely to be determined by trader reaction to the steep downtrending angle at 1.0659.

A sustained move over 1.0659 will signal the presence of buyers. The daily chart indicates there is plenty of room to the upside with potential targets at 1.0730 and 1.0749.

A sustained move under 1.0659 will indicate the presence of sellers. The daily chart indicates the first downside target is the minor bottom at 1.0630. Taking out this level could trigger an acceleration to the downside with the next potential target a steep, long-term angle at 1.0534. This is followed by the April 13 bottom at 1.0520.

Watch the price action and order flow at 1.0659. Trader reaction to this angle will tell us whether the bulls or the bears are in control.

2-Hour EUR/USD Technical Analysis

2-Hour EUR/USD

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

The new short-term range is 1.0630 to 1.0692. Its pivot at 1.0661 is controlling the short-term direction of the market. Trader reaction to this pivot should help determine the direction of the market into the close today.

A sustained move under 1.0661 will indicate the presence of sellers. This could encourage further selling pressure with 1.0630 the next likely target. The market opens up to the downside under this level with 1.0520 the next major downside target.

A sustained move over 1.0661 will signal the presence of buyers. This may create enough upside momentum to challenge today’s high at 1.0692.

Things begin to get interesting above 1.0692. Because of the layered resistance levels at 1.0700, 1.0716, 1.0730 and 1.0753, look for a labored rally.

The EUR/USD begins to open up to the upside over 1.0753 and especially over the swing top at 1.0769. A move over this level will reaffirm the uptrend.

If following the 2-Hour EUR/USD chart, watch the order flow and read the price action at 1.0659 to 1.0661. Overcoming 1.0659 will put the market on the strong side of a daily angle. Overtaking 1.0661 will put the Euro on the strong side of an intra-day pivot. 

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.