The EUR/USD is trading slightly better at the mid-session in a lackluster trade. Traders may be sitting on their hands until after the release of the Fed’s Beige Book at 2 p.m. Eastern.
The main trend is up on the daily chart. Last night’s penetration of the previous day’s low at 1.3263 helped to form a new main top at 1.3403. The new short-term range is 1.3403 to 1.3256 with a new retracement zone at 1.3330 to 1.3347.
Daily EUR/USD Chart
Downtrending Gann angle resistance is at 1.3323 and 1.3363. The first angle was tested this morning and triggered a technical bounce. The second angle forms a possible upside target and resistance cluster at 1.3343 to 1.3347 on Thursday.
It is possible that the market is trying to complete a secondary top. This is likely to occur inside the retracement zone at 1.3330 to 1.3347. If the market fails inside this zone then look for the start of another break. The next major downside target is the retracement zone formed by 1.2997 to 1.3403 at 1.3200 to 1.3152.
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