EUR/USD Mid-Session Technical Analysis for December 30, 2019

Based on the early trade and the current price at 1.1192, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1191.
James Hyerczyk

The Euro is trading higher against the U.S. Dollar on Monday as traders continue to react positively to Phase One of the U.S.-China trade deal, announced on December 13. The news is helping to generate demand for risk, while encouraging investors to shed safe-haven U.S. Dollar positions bought as hedges against an escalation of tensions between the two-economic powerhouses.

At 12:00 GMT, the EUR/USD is trading 1.1192, up 0.0016 or +0.14%.

In other news, Euro Zone bond yields rose across the board on Monday, as a rally in world stock markets reduced demand for safe-haven assets. In the early trade, most 10-year bond yields were two basis points higher on the day. Germany’s Bund yield was at -0.23%, heading back toward recent six-month highs.


Daily Technical Analysis

The main trend is up according to the daily swing chart. The nearest upside target is 1.1313. The main trend will change to down on a move through 1.1067.

The main range is 1.1413 to 1.10879. The EUR/USD is currently testing the upper end of its retracement zone at 1.1209. On the downside, the support is a 50% level at 1.1146.

The Euro is also straddling a long-term Fibonacci level at 1.1185.


Daily Technical Forecast

Based on the early trade and the current price at 1.1192, the direction of the EUR/USD the rest of the session on Monday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1191.

Bullish Scenario

A sustained move over 1.1191 will indicate the presence of buyers. The first target is the Fibonacci level at 1.1209.

Overtaking 1.1209 will indicate the buying is getting stronger. This could generate the upside momentum needed to challenge a longer-term downtrending Gann angle at 1.1244.

Bearish Scenario

A sustained move under 1.1209 will signal the presence of sellers. The first downside target is the long-term Fibonacci level at 1.1185.

Taking out 1.1185 could trigger an acceleration to the downside with the next target the main 50% level at 1.1146.

Side Notes

Basically, we’re looking for an upside bias to develop on a sustained move over 1.1209, and for a downside bias to develop on a sustained move under 1.1185.

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