EUR/USD Mid-Session Technical Analysis for March 13, 2018
The EUR/USD is trading nearly flat shortly before the release of the U.S. Consumer Inflation report at 1230 GMT. It is expected to show the CPI and Core CPI rose 0.2% in February. A higher than expected number could pressure the EUR/USD. A lower than expected number could drive it higher.
Daily Technical Analysis
The main trend is down according to the daily swing chart. A new main bottom was formed at 1.2272. A trade through this bottom will signal a resumption of the downtrend. The main trend will change to up on a trade through 1.2446.
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The Forex pair is currently trading between a pair of 50% levels at 1.2354 and 1.2300 and a pair of Fibonacci levels at 1.2401 and 1.2265.
Daily Technical Forecast
Based on the early trade, the support is an uptrending Gann angle at 1.2313 and the resistance is the 50% level at 1.2354.
A sustained move over 1.2354 will signal the presence of buyers. Overtaking this level could drive the EUR/USD into a Gann angle resistance cluster at 1.2385 to 1.2386. Since the main trend is down, we could see sellers on the first test of this resistance. Overtaking it could extend the rally into 1.2401 then 1.2416.
A sustained move under 1.2313 will indicate the presence of sellers. This could lead to a quick test of 1.2300. This is a potential trigger point for an acceleration into 1.2272, followed by 1.2265. The latter is another trigger point for an acceleration into a support cluster at 1.2236 to 1.2235.