EUR/USD Mid-Session Technical Analysis for November 3, 2017

The EUR/USD is trading lower on Friday. The Forex pair is also trading inside the previous day’s range. This indicates investor indecision and impending volatility. This is being fueled by the anticipation of today’s U.S. Non-Farm Payrolls report.

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.1573 will signal a resumption of the downtrend.

On the upside, the initial target is a resistance cluster formed by a major 50% level at 1.1702 and a short-term 50% level at 1.1705. Since the trend is down, we anticipate selling pressure on the first test of this area. It is also the trigger point for an acceleration into the short-term Fibonacci level at 1.1736.

The downside target is the major Fibonacci level at 1.1610.

Daily Forecast

Based on the early trade, the EUR/USD is likely to pick up strength if it can overcome an uptrending angle at 1.1673. This could lead to a test of a long-term downtrending angle at 1.1692, followed by the resistance cluster at 1.1702 to 1.1705.

On the downside, the first target angle is 1.1623, followed by the Fib at 1.1610 and another uptrending angle at 1.1598. The latter is the last potential support angle before the 1.1573 main bottom.