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EUR/USD Mid-Session Technical Analysis for March 14, 2019

By:
James Hyerczyk
Published: Mar 14, 2019, 11:37 UTC

Based on the earlier price action, the direction of the EUR/USD on Thursday is being controlled by the Fibonacci level at 1.1327. Taking out 1.1298 could trigger a further decline into the uptrending Gann angle at 1.1277.

EUR/USD

Renewed concerns over Brexit are putting pressure on the Euro shortly after the U.S. opening. Earlier in the session, the single-currency hit its highest level since March 5, but there was no follow-through to the upside as traders began to square positions after the latest news on Brexit failed to offer much details on where Britain’s relationship with the European Union stands.

At 11:24 GMT, the EUR/USD is trading 1.1308, down 0.0022 or -0.19%.

EURUSD
Daily EUR/USD

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.1420 will change the main trend to up. A move through 1.1177 will signal a resumption of the downtrend. Traders are currently trying to determine whether to continue the counter-trend rally, or resume the sell-off.

The main range is 1.1420 to 1.1177. Its retracement zone at 1.1298 to 1.1327 is currently being tested. Trader reaction to this zone will determine the near-term direction of the Forex pair.

The new short-term range is 1.1177 to 1.1342. If sellers take control then look for a break into its retracement zone at 1.1259 to 1.1239.

Daily Technical Forecast

Based on the earlier price action, the direction of the EUR/USD on Thursday is being controlled by the Fibonacci level at 1.1327.

Bullish Scenario

Holding the 50% level at 1.1298 will indicate the presence of buyers, but don’t expect to see an acceleration to the upside unless buyers can overcome the Fibonacci level at 1.1327. This could lead to a retest of today’s intraday high at 1.1342. The EUR/USD will strengthen over this level with the next target angle coming in at 1.1370.

Bearish Scenario

A sustained move under 1.1327 will indicate the presence of sellers. Additionally, a sustained move under the downtrending Gann angle at 1.1320 will indicate the selling is getting stronger. Taking out 1.1298 could trigger a further decline into the uptrending Gann angle at 1.1277.

Watch for a technical bounce on the first test of 1.1277, but if it fails, then look for an acceleration into at least 1.1259.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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