EUR/USD Mid-Session Technical Analysis for March 15, 2019Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1297.
The Euro is trading flat-to-higher on Friday as investors continue to digest the week’s events, especially those surrounding Brexit. The single-currency is currently in a position to post its biggest weekly gain in more than three months. The U.S. Dollar is also under pressure as investors begin to square positions ahead of next week’s U.S. Federal Reserve meeting. Traders expect the Fed to continue to remain cautious about raising interest rates, which could be supportive for the Euro.
At 12:06 GMT, the EUR/USD is trading 1.1317, up 0.0012 or +0.11%.
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.
The minor trend is also down. Furthermore, yesterday’s closing price reversal top may be signaling that the selling is greater than the buying at current price levels.
The main range is 1.1420 to 1.1177. Its retracement zone at 1.1299 to 1.1327 is currently being tested. This zone is controlling the near-term direction of the EUR/USD.
The minor range is 1.1177 to 1.1342. If the selling pressure continues then look for a possible break into its retracement zone at 1.1259 to 1.1239.
Daily Technical Forecast
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to the uptrending Gann angle at 1.1297.
A sustained move over 1.1297 will indicate the presence of buyers. A sustained move over the 50% level at 1.1299 and the downtrending Gann angle at 1.1301 will indicate the buying is getting stronger. This could lead to a surge into the Fibonacci level at 1.1327. Since the main trend is down, look for sellers on the first test of this level. However, taking out 1.1327 could trigger an acceleration to the upside with the next target the closing price reversal top at 1.1342.
The top at 1.1342 is a potential trigger point for a surge into the downtrending Gann angle at 1.1365.
A failure to hold 1.1297 will indicate the presence of sellers. The daily chart is wide open under this level with the next major target the 50% level at 1.1259.