EUR/USD Mid-Session Technical Analysis for August 30, 2018

The Euro is trading slightly lower shortly after the U.S. opening on Thursday. The price action is mixed with the relatively low volume producing an early two-sided trade. The trade is a little tentative ahead of a slew of U.S. economic reports later today and the start of a long U.S. holiday week-end.

At 1142 GMT, the EUR/USD is trading 1.1684, down 0.0023 or -0.19%.

Uncertainty over Brexit negotiations may be limiting gains, however, the Forex pair is being supported by increased risk appetite as well as easing concerns over trade conflicts.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The uptrend will continue on a trade through 1.1734. The EUR/USD is not in a position to change the trend to down, but it is in the window of time for a potentially bearish closing price reversal top.

The minor trend is also up. A trade through 1.1651 will change the minor trend to down. This will also shift momentum to the downside.

The first minor range is 1.1734 to 1.1651. Its 50% level or pivot is 1.1692. The market is currently straddling this level.

The second minor range is 1.1530 to 1.1734. Its 50% level or pivot is 1.1532. Yesterday’s selling pressure stopped just short of this level.

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Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD today is likely to be determined by trader reaction to the price cluster at 1.1692.

A sustained move over 1.1692 will indicate the presence of buyers. If this move creates enough upside momentum then look for a rally into 1.1734, followed by a steep uptrending Gann angle at 1.1741.

Crossing to the strong side of the angle at 1.1741 will but the Euro in a bullish position. This could trigger a breakout over 1.1747 and an eventual rally into the next main top at 1.1791.

A sustained move under 1.1692 will signal the presence of sellers. This could trigger an acceleration into 1.1651, followed closely by 1.1632. The latter is another trigger point for a move into 1.1577.