EUR/USD Mid-Session Technical Analysis for November 30, 2017

The EUR/USD is trading slightly lower shortly before the U.S. opening. The market remains under pressure for a fourth day after posting a potentially bearish closing price reversal top on November 27.

The main trend is up according to the daily swing chart, however, momentum has been trending lower all week.

A trade through 1.1961 will negate the closing price reversal top and signal a resumption of the uptrend. The main trend will turn down on a trade through 1.1712.

The major retracement zone is 1.1823 to 1.1886. The EUR/USD has been straddling this zone all week. It is controlling the longer-term direction of the Forex pair.

The short-term range is 1.1712 to 1.1961. Its 50% to 61.8% retracement zone at 1.1837 to 1.1807 is currently being tested.

Based on the earlier price action, the short-term Fibonacci level at 1.1807 is controlling the direction of the market today.

A sustained move over 1.1807 will indicate the presence of buyers. This could lead to a fast rally into 1.1823 and 1.1837.

The trigger point for an acceleration to the upside is 1.1837. If buyers take out this price with conviction, we could see a surge into at least 1.1886.

A sustained move under 1.1807 will indicate a serious shift in momentum to the downside. If volume increases on the move then we could see an eventual break into 1.1712 then 1.1702.

Watch the price action and read the order flow at 1.1807 all session. Trader reaction to this level will tell us if the buyers or sellers are in control today.