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

Based on the early price action, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1449 and the 50% level at 1.1429. Basically, look for the EUR/USD to strengthen on a sustained move over 1.1463. Look for the EUR/USD to weaken on a sustained move under 1.1429.
James Hyerczyk
EUR/USD

The Euro is trading nearly flat on Wednesday shortly before the U.S. Federal Reserve’s interest rate decision and the release of its monetary policy statement at 19:00 GMT. Traders expect the Fed to leave its benchmark rate unchanged. In its statement, it is expected to mention terms like balance sheet, patience and data dependence.

At 11:50 GMT, the EUR/USD is trading 1.1434, unchanged.

Fed Chairman Jerome Powell is also going to hold a press conference. Traders expect him to come across as dovish, while acknowledging the slowing global economy. He is going to try to avoid agitating the financial markets so expect a soft tone.

Daily EUR/USD

Daily Technical Analysis

The main trend is down according to the daily swing chart. However, momentum has shifted to the upside. The main trend will change to up on a move through 1.1570. A move through 1.1289 will signal a resumption of the downtrend.

The main range is 1.1570 to 1.1289. The EUR/USD is currently testing its retracement zone at 1.1429 to 1.1463. This zone is currently being tested. It is also controlling the near-term direction of the Forex pair.

On the upside, the major retracement zone target is 1.1516 to 1.1587.

Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1449 and the 50% level at 1.1429.

Bullish Scenario

Holding above the 50% level at 1.1429 and the downtrending Gann angle at 1.1430 will indicate the presence of buyers. Overcoming the uptrending Gann angle at 1.1449 will indicate the buying is getting stronger. The Fibonacci level at 1.1463 is the trigger point for an acceleration to the upside. If this generates enough upside momentum then look for a potential rally into the downtrending Gann angle at 1.1500.

Bearish Scenario

The 50% level at 1.1429 is a potential trigger point for an acceleration to the downside with the first target the uptrending Gann angle at 1.1369.

Basically, look for the EUR/USD to strengthen on a sustained move over 1.1463. Look for the EUR/USD to weaken on a sustained move under 1.1429.

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