Yahoo Finance EUR/USD Mid-Session Technical Analysis for February 15, 2018
The EUR/USD is trading higher shortly after the U.S. opening. The Forex pair is also trading within striking distance of a pair of tops at 1.2522 and 1.2537.
Earlier today, the Euro Zone Trade Balance came in better than expected at 23.8 billion, higher than the 22.4 billion estimate.
Daily Technical Analysis
The main trend is down according to the daily swing chart. However, momentum is trending higher.
A trade through 1.2522 will change the main trend to up. This is followed by the January 25 main top at 1.2537.
The major upside target is a long-term Fibonacci level at 1.2597.
The short-term range is 1.2522 to 1.2205. Its 50% level at 1.2364 is new support.
Daily Technical Forecast
Based on the early price action, the strength of the EUR/USD today will be determined by trader reaction to the steep uptrending Gann angle at 1.2525.
Crossing to the strong side of the angle at 1.2525 will indicate the buying is getting stronger. This could create the upside momentum needed to overcome 1.2537 then challenge 1.2597.
The inability to overcome 1.2525 will signal the presence of sellers. This may not trigger a break, but it will slow down the Forex pair’s ascent. If sellers do arrive then look for a possible pullback into the next uptrending Gann angle at 1.2365.
The Euro is within striking distance of breaking out to the upside, but will need some strong volume buying to come in to sustain the move. Buyers appear to be tentative and could be waiting for a fresh catalyst to trigger the move.
This article was originally posted on FX Empire
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