FXEMPIRE
All

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
EUR/USD

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 EUR/USD

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 EUR/USD

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.

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US