EUR/USD Mid-Session Technical Analysis for January 18, 2019

Based on the early price action and the current price at 1.1408, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 1.1409.
James Hyerczyk
EUR/USD

The Euro is trading higher on Friday on profit-taking and position-squaring ahead of the week-end. The single-currency is in a position to close lower for the week. The selling is being fueled by concerns over the slowing Euro Zone economy and doubts about the European Central Bank’s ability to start raising interest rates this year.

At 1246 GMT, the EUR/USD is trading 1.1408, up 0.0019 or +0.12%.

Daily EUR/USD

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 at 1.1570 on January 10.

A trade through 1.1370 will indicate the selling pressure is getting stronger with the main bottom at 1.1309 the next likely downside target.

The minor trend is down. This reaffirms the shift in momentum to down.

The main range is 1.1309 to 1.1570. Trading below its retracement zone at 1.1440 to 1.1409 is contributing to the downside bias.

Daily Technical Forecast

Based on the early price action and the current price at 1.1408, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the main Fibonacci level at 1.1409.

Bullish Scenario

Overtaking and sustaining a rally over 1.1409 will indicate the presence of buyers. The first target is the uptrending Gann angle at 1.1419. Overcoming this angle could create the upside momentum needed to challenge the main 50% level at 1.1440. This is followed closely by the downtrending Gann angle at 1.1450.

Bearish Scenario

A sustained move under 1.1409 will signal the presence of sellers. The first downside target is today’s intraday low at 1.1386. Taking out this level could drive the market into the minor bottom at 1.1370, followed by an uptrending Gann angle at 1.1364. This angle is a potential trigger point for an acceleration to the downside with the next target angle coming in at 1.1337. This is the last potential support angle before the 1.1309 main bottom.

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

Top Promotions

Top Brokers

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