EUR/USD Mid-Session Technical Analysis for November 2, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading slightly higher at the mid-session. Volume is below average and the range is tight.

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

The main range is 1.1494 to 1.0896.

The short-term range is 1.0896 to 1.1072. Its 50% level or pivot is at 1.0984.

The current price is 1.1022. This puts the EUR/USD in a position to test the support cluster at 1.1016 to 1.1014. Trader reaction to this area will determine the direction of the market into the close.

Holding above 1.1016 will signal the presence of buyers.

A sustained move under 1.1014 will signal the presence of sellers. This move could create enough downside momentum to challenge the pivot at 1.0984 then an uptrending angle at 1.0956.

Hourly EUR/USD Technical Analysis

The main trend is down according to the 2-Hour swing chart. However, momentum has been to the upside since October 28.

The main range is 1.1095 to 1.0896. Its retracement zone is 1.0996 to 1.1019.

The short-term range is 1.0896 to 1.1072. Its retracement zone is 1.0984 to 1.0963.

Based on the current price at 1.1022, the direction of the market into the close based on the 2-Hour chart will be determined by trader reaction to the Fibonacci level at 1.1019. Any break, however, is likely to be labored because of potential support levels at 1.0996, 1.0984 and 1.0963.

A sustained move over 1.1019 will signal the presence of buyers. If upside momentum begins to build then we could see a retest of the tops at 1.1072 and 1.1095 over the near-term.