EUR/USD Mid-Session Technical Analysis for March 14, 2018

The Euro is trading lower at the mid-session despite weaker-than-expected U.S. PPI and retail sales. This likely reflects investor concerns over the direction of inflation and interest rates in the Euro Zone.

At 1250 GMT, the EUR/USD is trading 1.2375, down 0.0015 or -0.12%.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.2446 will change the main trend to up. A move through 1.2272 will signal a resumption of the downtrend.

The main range is 1.2555 to 1.2153. The EUR/USD is currently straddling its retracement zone at 1.2354 to 1.2401. This zone is controlling the longer-term direction of the Forex pair.

The short-term range is 1.2153 to 1.2446. Its 50% level or pivot at 1.2259 is the primary downside target.

Daily Swing Chart Technical Forecast

Based on the current price at 1.2375 and the earlier price action, the direction of the EUR/USD today is likely to be determined by trader reaction to the Fibonacci level at 1.2401 and the 50% level at 1.2354.

A sustained move over 1.2401 will indicate the presence of buyers. This could generate the upside momentum needed to challenge 1.2446. Taking out this top could trigger an acceleration to the upside.

A sustained move under 1.2354 will signal the presence of sellers. This is a possible trigger point for an acceleration to the downside. The daily chart indicates there is room down to 1.2272 to 1.2259.