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EUR/USD Mid-Session Technical Analysis for November 13, 2020

James Hyerczyk
·2 min read

The Euro is up against the U.S. Dollar at the mid-session on Friday after a report showed U.S. consumer sentiment fell unexpectedly in early November as households worried about their finances, the resurgent COVID-19 pandemic and the depleted fiscal stimulus, dimming the economy’s outlook as the curtain started to close on a challenging year.

At 19:00 GMT, the EUR/USD is trading 1.1824, up 0.0019 or +0.16%.

The University of Michigan’s consumer sentiment index dropped to 77 early this month from a final reading of 81.8 in October. Economists polled by Reuters had forecast the index little changed at 82. The survey’s measure of current conditions was steady. Its gauge of expectations fell to 71.3 from 79.2.

An escalation in U.S. coronavirus cases and doubts about the administration of a vaccine also weighed on demand for the U.S. Dollar.

Daily EUR/USD
Daily EUR/USD

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, but momentum is trending lower. A trade through 1.1920 will signal a resumption of the uptrend. The main trend changes to down on a move through 1.1603.

The minor trend is also up. It changes to down on a move through 1.1745. This will confirm the shift in momentum.

The main range is 1.2011 to 1.1603. The EUR/USD is currently trading inside its retracement zone at 1.1807 to 1.1855, creating a neutral reading.

The minor range is 1.1920 to 1.1745. Its 50% level at 1.1832 is resistance. It stopped the rally earlier today at 1.1834.

The short-term range is 1.1603 to 1.1920. Its retracement zone at 1.1762 to 1.1724 is support. It stopped the selling at 1.1745 on Wednesday.

Short-Term Outlook

The price action on Friday indicates the EUR/USD is being controlled by a pair of 50% levels at 1.1832 and 1.1807.

A sustained move over 1.1832 will indicate the presence of buyers with 1.1855 the next upside target.

A sustained move under 1.1807 will signal the presence of sellers. This could trigger an acceleration into 1.1762.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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