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EUR/USD Mid-Session Technical Analysis For March 21, 2019

Based on the current price at 1.1393 and the earlier price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1377 and the 50% level at 1.1374.
James Hyerczyk
EUR/USD
EUR/USD

The Euro is trading lower on Thursday and inside yesterday’s range. There was no follow-through to the upside after yesterday’s wicked two-sided trade. The price action suggests investor indecision and impending volatility. Furthermore, the lack of follow-through to the upside indicates Wednesday’s rally was fueled by short-covering rather than aggressive buying.

At 12:39 GMT, the EUR/USD is trading 1.1393, down 0.0018 or -0.16%.

Daily EUR/USD

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.4448 will reaffirm the uptrend. The main trend will change to down on a trade through 1.1177. This move is highly unlikely, but the prolonged move up in terms of price and time, puts the EUR/USD inside the window of time to form a closing price reversal top.

The main trend range is 1.1570 to 1.1177. The EUR/USD is currently trading inside its retracement zone at 1.1374 to 1.1420.

The short-term range is 1.1177 to 1.1448. Its retracement zone at 1.1313 to 1.1281 is the primary downside target.

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Daily Technical Forecast

Based on the current price at 1.1393 and the earlier price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1377 and the 50% level at 1.1374.

Bullish Scenario

A sustained move over 1.1377 will indicate the presence of buyers. If this generates enough upside momentum then look for a rally into the main Fibonacci level at 1.1420. This is followed by a downtrending Gann angle at 1.1445 and yesterday’s high at 1.1448.

The high at 1.1448 is a potential trigger point for an acceleration to the upside with the next target angle coming in at 1.1508.

Bearish Scenario

A sustained move under 1.1374 will signal the presence of sellers. This could trigger the start of a steep break into the short-term 50% level at 1.1313.

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