EUR/USD Mid-Session Technical Analysis for March 15, 2018Based on the current price at 1.2341 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 50% level at 1.2354.
The EUR/USD is trading lower at the mid-session. Traders are concerned about the direction of Euro Zone interest rates in the wake of weak U.S. inflation data. Some traders feel that Euro Zone inflation will be weak as long as U.S. inflation remains sluggish and this may delay future rate hikes by the European Central Bank.
Daily Technical Analysis
The main trend is down according to the daily swing chart. The main trend will turn up on a trade through 1.2446. The down trend will be reaffirmed if sellers take out 1.2272.
Today’s early selling pressure also made 1.2412 a new minor top.
The main retracement zone is 1.2354 to 1.2401. After straddling this zone for two days, the EUR/USD is now trading on the week side of this zone. This zone is controlling the longer-term direction of the Forex pair so right now I would say the bias is to the downside.
The short-term range is 1.2153 to 1.2446. If the selling pressure continues then look for a move into its retracement zone at 1.2300 to 1.2265.
Daily Technical Forecast
Based on the current price at 1.2341 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 50% level at 1.2354.
A sustained move under 1.2354 will indicate the presence of sellers. Additional resistance is the downtrending Gann angle at 1.2346 and the uptrending Gann angle at 1.2353.
The daily chart is wide open under 1.2346 so don’t be surprised by an acceleration to the downside. The next major downside target is 1.2300.
A sustained move over 1.2354 will signal the presence of buyers. This is a possible trigger point for an acceleration into 1.2396 then 1.2401.