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EUR/USD Mid-Session Technical Analysis for January 16, 2020

James Hyerczyk

The Euro is trading lower against the U.S. Dollar late in the session on Thursday after better-than-expected U.S. economic data reduced the chances of a Fed rate hike, driving up demand for the greenback.

The single-currency released earlier gains after multiple data releases painted a positive U.S. economic picture. The Commerce Department said on Thursday retail sales increased 0.3% last month. The Philly Fed Manufacturing Index rebounded in January to its highest level in eight months, and the outlook is the brightest in more than a year and a half. Finally, other data showed that the number of Americans filing for unemployment benefits fell more than expected last week.

At 19:08 GMT, the EUR/USD is trading 1.1135, down 0.0015 or -0.13%.

Daily EUR/USD
Daily EUR/USD

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through 1.1239 will signal a resumption of the uptrend. A move through 1.1085 will change the main trend to down.

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The short-term range is 1.1239 to 1.1085. Its 50% level at 1.1162 is resistance.

A longer-term resistance zone is 1.1146 to 1.1209. Inside this zone is a longer-term Fibonacci level at 1.1185.

On the downside, the major support zone is 1.1096 to 1.1045.

Short-Term Outlook

Based on the early price action and the current price at 1.1135, the direction of the EUR/USD into the close is likely to be determined by trader reaction to a pair of Gann angles at 1.1129 and 1.1125.

Holding above 1.1129 will indicate the presence of buyers and that today’s price action was just a pullback into support. Potential upside targets include 1.1146 and 1.1162.

A break under 1.1125 will signal the selling pressure is getting stronger. This could lead to a late session drop into an uptrending Gann angle at 1.1105. This is followed by 1.1096 and the main bottom at 1.1085.

This article was originally posted on FX Empire

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