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James Hyerczyk

The Euro is trading lower on Wednesday. The weakness in the single-currency is being driven by concerns over the Euro Zone economy, renewed worries over Italian banks, dovish comments from European Central Bank President Mario Draghi and uncertainty over Brexit. Today weakness has put the single-currency in a position to post its fifth consecutive lower close.

At 1334 GMT, the EUR/USD is trading 1.1389, down 0.0024 or -0.21%.

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Daily Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on January 10.

A trade through 1.1309 will change the main trend to down. A move through 1.1570 will negate the closing price reversal top and signal a resumption of the uptrend.

The short-term range is 1.1309 to 1.1570. The EUR/USD is currently trading on the weak side of its retracement zone at 1.1409 to 1.1440. This is adding to the downside bias. These levels are new resistance.


Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to a pair of Gann angles at 1.1399 and 1.1410.

Bullish Scenario

Overtaking and sustaining a rally over 1.1410 will indicate the presence of buyers. If this move creates enough upside momentum then look for a potential drive into the 50% level at 1.1440. This is a potential trigger point for an acceleration into a downtrending Gann angle at 1.1490.

Bearish Scenario

A sustained move under 1.1399 will signal the presence of sellers. The daily chart is wide open to the downside under this angle with the next target angle coming in at 1.1354.

Basically, look for an upside bias to develop on a sustained move over 1.1410, and for the downside bias to continue on a sustained move under 1.1399.

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