EUR/USD Mid-Session Technical Analysis for July 15, 2020

The Euro is higher for the session, but trading well off its high and near its low of the day. Earlier in the session, the single-currency rose to its highest level since March 10 and not far off its peak so far this year at 1.1495.

The single-currency has been driven higher lately by hopes the European Union would agree at its summit later this week on a financing package that limited the economic damage from the pandemic.

At 18:57 GMT, the EUR/USD is trading 1.1406, up 0.0009 or +0.08%.

Traders are likely squaring positions or booking profits ahead of the EU meeting. The weakness could also be attributed to general nervousness ahead of the Asian market opening.

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through today’s intraday high at 1.1452 will signal a resumption of the uptrend. The main trend is safe for now. It’ll change to down on a drive through 1.1185.

The minor trend is also up. A trade through 1.1255 will change the minor trend to down and shift momentum to the downside.

The minor range is 1.1255 to 1.1452. Its 50% level at 1.1354 is potential support.

The short-term range is 1.1185 to 1.1452. Its retracement zone at 1.1319 to 1.1287 is a value zone. Buyers are likely to come in on a test of this area.

Short-Term Outlook

We’re going to be watching yesterday’s close at 1.1398 into the close.

Finishing below 1.1398 will produce a closing price reversal top. This won’t change the main trend, but it could lead to a 2 to 3 day correction back to 1.1319 to 1.1287.

Gann angle support comes in at 1.1385. This angle has been guiding the market higher since the 1.1185 bottom on July 1. A close below this angle will also be a sign of weakness. This could trigger an initial break into the pivot at 1.1354, followed by 1.1319 to 1.1287.

For a look at all of today’s economic events, check out our economic calendar.