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