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EUR/USD Mid-Session Technical Analysis for October 17, 2014

By:
James Hyerczyk
Updated: Aug 25, 2015, 01:00 UTC

Daily EUR/USD Technical Analysis The main trend is up on the daily chart. The trend will be reaffirmed when 1.2886 is taken out. It will be changed back

Daily EUR/USD

Daily EUR/USD Technical Analysis

Daily EUR/USD
Daily EUR/USD

The main trend is up on the daily chart. The trend will be reaffirmed when 1.2886 is taken out. It will be changed back to down if 1.2624 fails as support.

The nearest uptrending angle comes in at 1.2700. The next support level is a short-term pivot at 1.2693.

The first upside target is the high for the week at 1.2886.

Crossing to the bullish side of an uptrending angle at 1.2900 will put the Euro in a strong position. This may create enough upside momentum to fuel a rally into a downtrending angle at 1.2932. Taking out this level with conviction could lead to a rally into the major 50% level at 1.2966.

Hourly EUR/USD Technical Analysis

Hourly EUR/USD
Hourly EUR/USD

The main trend is up on the hourly chart. The main trend will turn down if 1.2780 is taken out.

The main range is 1.2637 to 1.2886. The retracement zone created by this range is 1.2761 to 1.2732. This area was tested successfully earlier in the week.

The short-term range is 1.2886 to 1.2705. Its retracement zone is 1.2796 to 1.2817. The EUR/USD is currently testing this zone. Trader reaction to this zone will set the tone for the rest of the session.

Holding over 1.2817 will set a bullish tone into the close. A break under the 50% level at 1.2796 will set a bearish tone. 

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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