Yahoo Finance EUR/USD Mid-Session Technical Analysis for November 23, 2017
The EUR/USD is trading higher on Thursday. There were economic reports from the Euro Zone, but the biggest impact on the Forex pair is being fueled by a weaker U.S. Dollar. Investors are pressuring the greenback a second day as they dialed down expectations on the outlook for U.S. interest rate hikes next year based on minutes from the Federal Reserve’s latest policy meeting.
German Final GDP for the quarter grew 0.8% as expected.
Fresh Flash Manufacturing PMI came in higher than expected at 57.5. French Flash Services PMI was 60.2, higher than the 57.1 estimate.
German Flash Manufacturing PMI was 62.5, better than the 60.4 estimate. German Flash Services PMI failed to meet expectations with a 54.9 reading.
Euro Zone Flash Manufacturing PMI beat the forecast with a reading of 60.0 and Euro Zone Flash Services PMI was 56.2 versus 55.3.
Later today, the European Central Bank will release its Monetary Policy Meeting Accounts.
Daily Technical Analysis
The main trend is up according to the daily swing chart. Based on its current position and the upside momentum, it should challenge the last main top at 1.1760. A trade through this level will reaffirm the uptrend. This is followed by the October 12 main top at 1.1879. This may be the trigger point that eventually launches a rally into the September 20 main top at 1.2033.
A trade through 1.1712 will change the main trend to down.
The main range is 1.2092 to 1.1553. Its retracement zone at 1.1823 to 1.1886 is currently being tested. This zone is controlling the longer-term direction of the EUR/USD.
Daily Technical Forecast
Based on the current price at 1.1851 and the earlier trade, the direction of the EUR/USD today will be determined by trader reaction to a support cluster at 1.1823 to 1.1822.
A sustained move over 1.1823 will signal the presence of buyers. This could create the upside momentum needed to challenge the main top at 1.1860.
Taking out 1.1860 could generate the momentum needed to challenge 1.1879 and the Fibonacci level at 1.1886. Overcoming 1.1886 could trigger an acceleration into a long-term downtrending angle at 1.1957.
A sustained move under 1.1822 will indicate the presence of sellers. This is followed by an uptrending angle at 1.1793.
This article was originally posted on FX Empire
