EUR/USD Mid-Session Technical Analysis for September 11, 2015

Daily EUR/USD Technical Analysis

The EUR/USD is trading slightly lower at the mid-session. The range is tight, and volume and volatility are below average. Most of the major players are on the sidelines today and are expected to remain there until the release of the Fed’s interest rate decision on September 17.

The main range is 1.0847 to 1.1712. Its retracement zone is 1.1280 to 1.1177.

The key level to watch is the 50% level at 1.1280. Based on the current price at 1.1275, the direction of the EUR/USD the rest of the session will be determined by trader reaction to this level.

Look for a bullish tone into the close if buyers can sustain a move over 1.1280. There is room to the upside because the nearest resistance is 1.1399. However, I don’t expect the market to get there because of the low volume.

Look for a bearish tone to develop on a sustained move under 1.1280 with the next target an uptrending angle at 1.1387.

2-Hour EUR/USD Technical Analysis

The main trend is up according to the 2-Hour chart. However, momentum appears to be shifting to the downside.

Earlier in the session, the EUR/USD stopped at 1.1309. This was slightly below a pair of tops at 1.1319 and 1.1331.

The new short-term range is 1.1171 to 1.1309. The primary downside target is its retracement zone at 1.1240 to 1.1224.