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EUR/USD Mid-Session Technical Analysis for November 5, 2015

By:
James Hyerczyk
Updated: Nov 5, 2015, 12:08 UTC

Daily EUR/USD Technical Analysis The EUR/USD is trading flat at the mid-session. The market is currently straddling the August 5 main bottom at 1.0847.

Daily EUR/USD

Daily EUR/USD Technical Analysis

Daily EUR/USD
Daily EUR/USD

The EUR/USD is trading flat at the mid-session. The market is currently straddling the August 5 main bottom at 1.0847. Trader reaction to this level will likely determine the direction of the market into the close.

A sustained move over 1.0847 will signal the presence of buyers. This could create enough upside bias to trigger a move into a steep long-term downtrending angle at 1.0894.

The angle at 1.0894 has guided the market lower since the 1.1494 main top on October 15. This price should act like resistance on the initial test, but it may become the trigger point for an upside breakout if the angle is taken out with conviction.

If sellers come in again at 1.0894 then they may drive the EUR/USD back into 1.0847. Crossing to the weak side of this level could trigger a further break into the July 20 main bottom at 1.0808.

The daily chart is wide open to the downside under 1.0808 with the next major target the April 13 main bottom at 1.0520. Don’t expect this level to be tested today, however.

2-Hour EUR/USD Technical Analysis

2-Hour EUR/USD
2-Hour EUR/USD

The main trend is up according to the 2-Hour EUR/USD swing chart. It turned up when buyers took out the last main top at 1.0876. The new main bottom is 1.0833. Taking out this level will signal a resumption of the downtrend.

The 2-Hour chart indicates that there is room to the upside with the next major target a 50% level at 1.0964. Based on normal volatility, however, I don’t think the Forex pair will have enough energy to reach this level today.

If 1.0833 fails as support then look for the break to possibly extend into the July 20 main bottom at 1.0808. 

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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