The EUR/USD is trading lower at the mid-session. An early session rally failed after testing a downtrending resistance angle on the daily chart at 1.3099. This angle is the timing angle. A breakout above it will signal a shift in sentiment.
Today, potential uptrending support is at 1.3057, 1.3027 and 1.3162. Any one of these angles could provide support, but are more likely to provide reasonable profit-taking levels for short-traders. Investors shouldn’t be fooled by temporary technical bounces unless the moves are accompanied by intraday closing price reversals.
Daily EUR/USD Chart
Based on the short-term range of 1.2997 to 1.3139, a retracement zone has formed at 1.3068 to 1.3051. Throughout most of the trading session, the Euro straddled this zone. At the mid-session the market is trading below the lower level or Fibonacci price at 1.3051. This indicates the strong possibility of a weak close.
Hourly EUR/USD Chart
The series of lower-tops and lower-bottoms on the 60-minute chart indicates a downtrend. The retracement zone at 1.3088 and 1.3100 is the best resistance the rest of the day. Taking out 1.3036 will signal a resumption of the downtrend. A move through 1.3095 will turn the main trend to up on the hourly chart.
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