EUR/USD Mid-Session Technical Analysis for May 15, 2017

The EUR/USD is trading higher at the mid-session. The Forex pair is being underpinned by a regional election victory for German Chancellor Angela Merkel’s party and extended oil output cuts, though investors are still concerned over the impact of Friday’s global cyber-attack.

Technical Analysis

The main trend is up according to the daily swing chart. The early price action made 1.0839 a new swing bottom. A trade through it will turn the main trend to down. The market is also trading on the strong side of a major Fibonacci level at 1.0932.

A trade through 1.1022 will signal a resumption of the uptrend.

Forecast

Based on the current price at 1.0971 and the earlier price action, the key Gann angles to watch are 1.0972 and 1.0919.

Taking out 1.0972 will indicate the buying is getting stronger. This could trigger an acceleration into the next downtrending angle at 1.0997. This is the last potential resistance angle before the 1.1022 main top.

If buyers take out 1.1022 with conviction, we could see a surge into key levels on the weekly chart at 1.1025 and 1.1076.

On the downside, the key angle is 1.0919. If this angle fails as support then look for a possible acceleration into the next uptrending angle at 1.0879.