EUR/USD Mid-Session Technical Analysis for May 20, 2019

Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1164 and the uptrending Gann angle at 1.1152.
James Hyerczyk

The Euro is trading unchanged shortly after the U.S. opening as investors sort through a mixed performance in global equity markets due to fallout of White House moves against Chinese telecom giant Huawei. The single currency also steadied after five days of declines as elections for the May 23 – May 26 European Parliament approached.

At 11:25 GMT, the EUR/USD is trading 1.1157, up 0.0001 or +0.01%.


Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through the two main tops at 1.1264 and 1.1265 will change the main trend to up. A move through 1.1135 will signal a resumption of the downtrend. This is followed by the April 26 main bottom at 1.1112 and the May 30, 2017 main bottom at 1.1109.

The nearest resistance is the long-term Fibonacci level at 1.1185. The next resistance area is the 50% to 61.8% retracement zone at 1.1218 to 1.1243.

Daily Swing Chart Technical Forecast

Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 1.1164 and the uptrending Gann angle at 1.1152.

Bullish Scenario

A counter-trend rally could begin if buyers can take out the downtrending Gann angle at 1.1152 with strong volume. The daily chart shows there is room to the upside with room to rally into the main Fibonacci level at 1.1185.

Bearish Scenario

Taking out 1.1152 and sustaining the move will signal the presence of sellers. If this move creates enough downside momentum then look for the selling to possibly extend into the main bottom at 1.1135, followed by the uptrending Gann angle at 1.1132.

Look for a technical bounce on the first test of 1.1135 to 1.1132, however, if it fails then look for the selling to possible extend into 1.1112 to 1.1109.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.