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EUR/USD Mid-Session Technical Analysis for April 24, 2019

James Hyerczyk
Updated

The Euro is trading lower on Wednesday, but inside yesterday’s range. The price action indicates investor indecision and impending volatility. Earlier today, a German business climate index came in below forecasts, but the price action indicates the news may have already been priced into the market. German Ifo Business Climate was 99.2, down from 99.7 and below the 99.9 forecast.

At 12:46 GMT, the EUR/USD is trading 1.1207, down 0.002 or -0.19%.

Daily EUR/USD
Daily EUR/USD

Daily Technical Analysis

The main trend is up, but momentum has shifted to the downside. A trade through 1.1184 will change the main trend to down. This is followed closely by another main bottom at 1.1177. A move through 1.1324 will signal a resumption of the uptrend.

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The minor trend is down. This move is responsible for the shift in momentum to the downside.

The major support is a long-term Fibonacci level at 1.1185.

The short-term range is 1.1184 to 1.1324. Its retracement zone at 1.1254 to 1.1238 is new resistance.

Daily Technical Forecast

Based on the early price action, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 1.1198.

Bullish Scenario

A sustained move over 1.1198 will indicate the presence of buyers. This could lead to a labored rally with resistance coming in at 1.1238, 1.1244 and 1.1254. Don’t expect much upside action unless buyers can take out 1.1254 with conviction.

Bearish Scenario

A sustained move under 1.1198 will signal the presence of sellers. The first target is the long-term Fibonacci level at 1.1185. This is followed by the main bottom at 1.1184, followed by another main bottom at 1.1177.

Look out to the downside if 1.1177 fails as support. The next major downside target is the June 20, 2016 main bottom at 1.1118.

This article was originally posted on FX Empire

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