Daily EUR/USD

EUR/USD Mid-Session Technical Analysis for February 16, 2015

Daily EUR/USD Technical Analysis

Daily EUR/USD
Daily EUR/USD

The EUR/USD is posting a slight gain on Monday in limited action. Today is a U.S. bank holiday so this can be expected. Volume is also expected to be below average.

A pair of support angles are propping up the market today at 1.1397 and 1.1369.

The market is also straddling a minor retracement zone at 1.1401 to 1.1432. Trader reaction to this zone will likely set the tone into the close. Look for the Forex pair to move sideways if it gets trapped inside the zone.

A sustained move over 1.1432 will be bullish and taking out 1.1401 with conviction will be bearish. Low volume should prevent the market from accelerating through each level so look for labored moves.

Hourly EUR/USD Technical Analysis

Hourly EUR/USD
Hourly EUR/USD

The main trend is down on the hourly chart. The main trend turned down late Friday when 1.1417 failed to hold as support. The new main top is 1.1442. A trade through this level will turn the main trend back to up.

The EUR/USD is also straddling a longer-term retracement zone at 1.1384 to 1.1410. Trader reaction to this zone should set the tone for the rest of the session.

At this time, we have to conclude that there is a slight bias to the upside despite the downtrend. This is because the market is trading on the strong side of the Fibonacci level at 1.1410. Conditions could trade quickly and the market could fall into a range if this price fails as support. 

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.

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