EUR/USD Mid-Session Technical Analysis for May 14, 2018

The EUR/USD is trading higher at the mid-session. The three-day rally has put the Forex pair in a position to test the 2017 close.


Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through 1.1822 will signal a resumption of the downtrend.

On the upside, the nearest targets are last year’s close at 1.2001 and a Fibonacci level at 1.2037.

On the downside minor support is 1.1915 and the new main bottom at 1.1822.

Daily Technical Forecast

Earlier today, the EUR/USD found support on a steep uptrending Gann angle at 1.1942. Look for a strong upside bias as long as the Forex pair holds above this angle.

The intraday momentum suggests we should see a test of 1.2001. Watch for a technical bounce on the first test of this level.

Overtaking 1.2001 will indicate the buying is getting stronger with the next targets a downtrending Gann angle at 1.2033 and a Fibonacci level at 1.2037. The combination of the Gann angle and the Fib form a resistance cluster.

Since the main trend is down, a move into 1.2033 to 1.2037 is likely to attract sellers.

Published by

James Hyerczyk

James A. Hyerczyk has worked as a fundamental and technical financial market analyst since 1982. His technical work features the pattern, price and time analysis techniques of W.D. Gann.