Foreign Exchange Market-An Pham Investment
- Trade Richer
- Jan 15, 2020
- 1 min read
EUR/USD Mid-Session Technical Analysis for January 14, 2020
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, momentum is trending lower. A trade through 1.1085 will change the main trend to down.
The minor trend is also down. This confirms the shift in momentum. The minor trend will change to up on a move through 1.1147.
The downside target zone comes in at 1.1096 to 1.1045. On the upside, the resistance zone is 1.1146 to 1.1209. Longer-term resistance comes in at 1.1185.
Daily Technical Forecast
Based on the early price action, the direction of the EUR/USD the rest of the session on Tuesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1131.
Bearish Scenario
A sustained move under 1.1131 will indicate the presence of sellers. This could create the downside momentum needed to challenge the 50% level at 1.1096, followed by the main bottom at 1.1085.
A trade through 1.1085 will change the main trend to down with a support cluster at 1.1056 to 1.1045 the next likely target.
Bullish Scenario
Overtaking 1.1131 will signal the return of buyers. This could create the momentum needed to test a potential resistance cluster at 1.1146, 1.1147 and 1.1149.
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