EUR/USD Mid-Session Technical Analysis for November 24, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading higher at the mid-session. The main trend is down according to the daily swing chart, but the early price action has made 1.0592 a new minor bottom.

Based on the current price at 1.0650, the direction of the market the rest of the session is likely to be determined by trader reaction to a steep downtrending angle at 1.0642.

A sustained move over 1.0642 will signal the presence of buyers. The first upside objective is a downtrending angle at 1.0669. This angle was tested earlier in the session and sellers rejected the move.

The short-term range is 1.0762 to 1.0592. If buyers can take out 1.0669 then look for a move into its retracement zone at 1.0677 to 1.0697.

A sustained move under the steep downtrending angle at 1.0642 will indicate the presence of sellers. This could trigger a further break into the minor bottom at 1.0592.

Watch the price action and read the order flow at 1.0642 and again at 1.0669. Look for a bearish tone to develop on a sustained move under 1.0642. Look for a bullish tone to develop on a sustained move over 1.0669.

2-Hour EUR/USD Technical Analysis

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

The short-term range is 1.0592 to 1.0669. Its 50% level at 1.0631 is currently providing support. Look for a bullish tone as long as the market remains over 1.0631. A bearish tone will develop on a sustained move under 1.0631.

The intermediate range is 1.0762 to 1.0592. Taking out the high at 1.0669 will signal a resumption of the uptrend with its retracement zone at 1.0677 to 1.0697 the next upside target.

The main retracement zone at 1.0711 to 1.0739 is today’s primary upside target.

Watch the price action and read the order flow at 1.0631 today. Trader reaction to this level will tell us whether the bulls or the bears are in control.