EUR/USD Mid-Session Technical Analysis for April 3, 2014 » Fx …
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Daily EUR/USD Technical Analysis
Daily EUR/USD
The EUR/USD is under pressure at the mid-session. The market is in a position to take out the last main bottom at 1.3704. A trade through this level will turn the main trend to down on the daily chart.
There are several signs pointing toward lower prices over the near-term. Firstly, the market is trading on the weak side of a short-term retracement zone at 1.3762 to 1.3748. The market also took out minor uptrending angles at 1.3744 and 1.3724. All of these prices are new resistance.
The main range is 1.3476 to 1.3966. The main range is 1.3721 to 1.3663. At the mid-session, the EUR/USD is trading on the bearish side of the upper or 50% level at 1.3721.
Downside momentum suggests 1.3704 should be taken out shortly. This could trigger further selling pressure into a long-term uptrending angle at 1.3691.
The only thing standing in the way of a sharp break into the close is the volume. Traders may decide to lighten up ahead of tomorrow’s major U.S. Non-Farm Payrolls report. If this occurs then look for traders to straddle 1.3721 into the close.
The extreme volatility has made the hourly chart useless today.
Taken from –
EUR/USD Mid-Session Technical Analysis for April 3, 2014 » Fx …
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