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EUR/USD Mid-Session Technical Analysis for December 11, 2018

Based on the earlier price action and the current price at 1.1390, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1395.
James Hyerczyk
EUR/USD
EUR/USD

The Euro is trading higher shortly before the U.S. opening on Tuesday. The single-currency is reacting to a weaker U.S. Dollar. There is no single factor behind the whip-saw price action the last two sessions. Traders are watching developments over Brexit, reacting to new concerns over a weakening economy and the possibility the U.S. Federal Reserve will announce a pause in its future rate increases sooner than previously thought at next week’s monetary policy meeting.

At 1131 GMT, the EUR/USD is trading 1.1390, up 0.0034 or +0.31%.

Daily EUR/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. However, momentum is trending higher. A trade through 1.1474 will change the main trend to up. A move through 1.1267 will signal a resumption of the downtrend.

On Monday, the EUR/USD posted a potentially bearish closing price reversal top. A trade through 1.1350 will confirm the chart pattern. This will shift momentum to the downside. A trade through 1.1444 will negate the chart pattern.

The price action of the EUR/USD continues to be influenced by a series of retracement levels.

On the upside, the major 50% level at 1.1447 stopped the rally on Monday at 1.1444.

On the downside, the selling stopped slightly above a retracement zone at 1.1345 to 1.1315.

Currently, the Forex pair is straddling another retracement zone at 1.1370 to 1.1395.

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Daily Swing Chart Technical Forecast

Based on the earlier price action and the current price at 1.1390, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1395.

Bullish Scenario

A sustained move over 1.1395 will indicate the presence of buyers. If this move generates enough upside momentum then look for a potential rally into 1.1444 to 1.1447.

Bearish Scenario

A sustained move under 1.1395 will signal the presence of sellers. This could lead to a labored break because of a series of retracement levels at 1.1370, 1.1345 and 1.1315.

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