EUR/USD Mid-Session Technical Analysis for March 16, 2018
The EUR/USD is trading higher on Friday, shortly after the U.S. opening. The Forex pair is rebounding after a successful test of a key 50% level.
Daily Technical Analysis
The main is up according to the daily swing chart. A trade through 1.2412 will signal a resumption of the uptrend. A move through 1.2272 will change the main trend to down.
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On the upside, the resistance is a 50% level at 1.2300 and a 61.8% level at 1.2401.
The main range is 1.2153 to 1.2446. Its retracement zone is 1.2300 to 1.2265. Earlier in the session, its upper or 50% level provided support when buyers stepped in at 1.2294.
Daily Technical Forecast
Based on the early price action, the directio of the EUR/USD the rest of the session is likley to be determined by trader reaction to the downtrending Gann angle at 1.2326.
A sustained move over 1.2326 will indicate the presence of buyers. If this move generates enough upside momentum, we could see a rally into 1.2354. This is another potential trigger point for a rally into the next downtrending Gann angle at 1.2386.
A sustained move under 1.2300 will signal the presence of sellers. This level is a potential trigger point for an acceleration into a potential support cluster at 1.2263 to 1.2265. Even though the trend will turn down on a move through 1.2272, buyers could still step in on a test of the support cluster.
For more conservative traders, look for an upside bias to develop on a sustained move over 1.2326 and for a downside bias to develop on a sustained move under 1.2300.