EUR/USD Mid-Session Technical Analysis for April 15, 2019

The Euro is trading higher but inside Friday’s range after hitting a two-week high last week. The price action indicates investor indecision and impending volatility. Fundamentally, the single-currency is being propped up by reports a foreign bank was preparing to fund an acquisition of a European company. Technically, the Euro is running into retracement zone resistance.

At 11:50 GMT, the EUR/USD is trading 1.1311, up 0.0012 or +0.11%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1448 will reaffirm the uptrend. A trade through 1.1184 will change the main trend to down.

The minor trend is also up. A trade through 1.1230 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is 1.1448 to 1.1184. Its retracement zone at 1.1316 to 1.1347 is currently being tested. It is controlling the near-term direction of the EUR/USD.

On the upside, the major retracement zone target is 1.1374 to 1.1420. On the downside, the major support is a long-term Fibonacci level at 1.1185.

Daily Technical Forecast

Based on the early price action and the current price at 1.1311, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1316 and the long-term uptrending Gann angle at 1.1312.

Bullish Scenario

A sustained move over 1.1316 will indicate the presence of buyers. If this creates enough upside momentum then look for a possible extension into the Fibonacci level at 1.1347, followed closely by a downtrending Gann angle at 1.1358.

Bearish Scenario

A sustained move under 1.1312 will signal the presence of sellers. This could trigger an acceleration to the downside with the next major target angle coming in at 1.1274.

Basically, the EUR/USD is going to have to overcome the retracement zone at 1.1316 to 1.1347 in order to generate the upside momentum needed to challenge the main top at 1.1448.