Yahoo Finance EUR/USD Mid-Session Technical Analysis for September 17, 2018
The Euro is trading higher against the U.S. Dollar shortly before the U.S. opening on Monday. There was a slight follow-through to the downside early in the session, following Friday’s potentially bearish closing price reversal top, but the selling dried up quickly.
At 1031 GMT, the EUR/USD is trading 1.1656, up 0.0033 or +0.28%.
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, momentum shifted to the downside with the formation of the closing price reversal top on Friday. A trade through 1.1723 will negate the chart pattern and signal a resumption of the uptrend.
The main trend changes to down on a trade through 1.1526.
The short-term range is 1.1526 to 1.1723. Its retracement zone at 1.1625 to 1.1601 is support. It is also controlling the near-term direction of the Forex pair.
The main range is 1.1301 to 1.1734. If the trend changes to down then its retracement zone at 1.1518 to 1.1466 will become the primary downside target.
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Daily Technical Forecast
Based on the early price action, the key area to watch is the Gann Angle/50% price cluster at 1.1626 to 1.1625. Early in the session, the EUR/USD tested this area.
A sustained move over 1.1626 will indicate the presence of buyers. If this move gains enough traction then look for a minimum test of 50% of the break from 1.1723 to 1.1618. This intraday target is 1.1671.
Overtaking 1.1671 will signal that the buying is getting stronger.
A sustained move under 1.1625 will signal the presence of sellers. This could lead to a quick test of 1.1601.
The daily chart begins to open up under 1.1601 with the next target angle coming in at 1.1576. We could see a technical bounce on the first test of this level but if it fails then look for a potential acceleration to the downside with 1.1531 the next major angle.
This article was originally posted on FX Empire
