EUR/USD Mid-Session Technical Analysis for August 27, 2014 » Fx …
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Daily EUR/USD Technical Analysis
Daily EUR/USD
The EUR/USD overcame early session weakness and is now in a position to post a potentially bullish closing price reversal bottom on the daily chart.
The short-covering began when the selling pressure dried up when the market traded 1.3152. The market accelerated to the upside when stops above a downtrending angle at 1.3192 were triggered.
The daily chart indicates there is plenty of room to the upside with two angles at 1.3290 and 1.3312 potential upside targets.
The main range is 1.3432 to 1.3152. This makes its retracement zone at 1.3292 to 1.3325 the next major upside target. The resistance cluster at 1.3290 to 1.3292 is the best target today.
Hourly EUR/USD Technical Analysis
Hourly EUR/USD
The main trend is up on the hourly chart. It turned up when the EUR/USD crossed the swing top at 1.3188.
The main range is 1.3214 to 1.3152. The retracement zone formed by this range at 1.3183 to 1.3190 acted like resistance on the first test today, but the next attempt at a rally blew through this zone before running into resistance near a cluster of prices at 1.3208 to 1.3214.
The key area to watch the rest of the session is 1.3190 to 1.3183. Trader reaction to this zone should set the tone for the day. Watch for a pullback into this zone. Holding 1.3190 should create a bullish tone into the close. A sustained move under 1.3183 will create a bearish tone.
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EUR/USD Mid-Session Technical Analysis for August 27, 2014 » Fx …
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