EUR/USD Mid-Session Technical Analysis for April 16, 2019

Based on today’s wide trading range, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to 1.1317 and 1.1284.
James Hyerczyk

The Euro is treading water on Tuesday, but trying to recover from early session weakness. Increasing demand for risk may be helping to underpin the single-currency.

Earlier today, the German ZEW headline numbers for April jumped to 3.1 versus 0.8 estimates and the -3.6 reported last month. However, sub-index current conditions declined sharply to 5.5 versus 8.0 expected and last month’s 11.1 read.

ZEW President Professor Achim Warmbach noted:  “The slight improvement recorded by the ZEW Indicator of Economic Sentiment is largely based on the hope that the global economic sentiment will develop less poorly than previously assumed. The postponement of the Brexit deadline may also have contributed to buoy the economic outlook. By contrast, the latest figures regarding incoming orders and industrial production in the German industry point to a rather weak economic development.”

At 13:00 GMT, the EUR/USD is trading 1.1298, down 0.0006 or -0.05%.


Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1324 will signal a resumption of 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 main range is 1.1448 to 1.1184. Providing resistance is its retracement zone at 1.1316 to 1.1347.

On the upside, major resistance comes in at 1.1374 to 1.1420. On the downside, the major support is 1.1185.

Daily Technical Forecast

Based on today’s wide trading range, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to 1.1317 and 1.1284.

Bullish Scenario

Holding above the Gann angle at 1.1284 will indicate the presence of buyers, but a move through 1.1317 could trigger an acceleration to the upside with 1.1324 and 1.1347 potential upside targets.

Bearish Scenario

The inability to overcome 1.1317 will signal the presence of sellers, but look for an acceleration to the downside if 1.1284 fails as support. This could lead to an eventual test of the next uptrending Gann angle at 1.1247.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.