EUR/USD Mid-Session Technical Analysis for November 30, 2016

The EUR/USD is trading slightly higher at the mid-session. The Forex pair is currently in a position to challenge this week’s high and a long-term downtrending angle. Taking out both of these levels could trigger an acceleration to the upside.

The main trend is up according to the daily swing chart. A trade through 1.0685 will signal a resumption of the uptrend. A trade through 1.0517 will turn the main trend to down.

The short-term range is 1.0517 to 1.0685. Its retracement zone at 1.0611 to 1.0581 is the primary downside target and support.

The main range is 1.1299 to 1.0517. Its retracement zone at 1.0908 to 1.1000 is the primary upside target.

Based on the current price at 1.0647, the next upside targets are this week’s high at 1.0685 and a long-term downtrending angle at 1.0699. The latter is the trigger point for an acceleration to the upside. If the buying is strong enough, we could see an eventual retracement into the major 50% level at 1.0908. A move of this magnitude is not likely to take place without a major shift in investor sentiment, however.

On the downside, the support is a price cluster at 1.0601 to 1.0597. This is followed by a Fibonacci level at 1.0581. The daily chart opens up to the downside under this level with the next target another uptrending angle at 1.0557.