EUR/USD Mid-Session Technical Analysis for April 9, 2019

The Euro is edging higher on Tuesday, propped up by a weaker U.S. Dollar and short-covering ahead of Wednesday’s European Central Bank monetary policy meeting and the release of the minutes of the U.S. Federal Reserve’s monetary policy meeting from March.

The ECB is widely expected to leave its benchmark interest rate unchanged and maintain its dovish stance. The Fed minutes are also expected to come across as dovish.

At 11:00 GMT, the EUR/USD is trading 1.1278, up 0.0017 or +0.15%.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1184 will change the main trend to down. A move through 1.1177 will reaffirm the downtrend.

The minor trend is up. The minor trend turned up last week. This shifted momentum to the upside. The move was further support on Monday when buyers took out last week’s high at 1.1255.

On the downside, the major support is a long-term Fibonacci level at 1.1185.

The main range is 1.1448 to 1.1184. Its retracement zone at 1.1316 to 1.1347 is the primary upside target.

Daily Technical Forecast

Based on the current price at 1.1278 and the earlier price action, if the upside momentum continues then look for the rally to possibly extend into the uptrending Gann angle at 1.1292. Overtaking this angle could trigger a further rally into a downtrending Gann angle at 1.1308. This is followed by a 50% level at 1.1316.

If the momentum slows and the EUR/USD reverses to the downside, then look for a move into a support cluster at 1.1235 to 1.1234.