EUR/USD Mid-Session Technical Analysis for March 24, 2014 » Fx …

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Daily EUR/USD Technical Analysis

Daily EUR/USD

After failing to overtake a pair of uptrending Gann angles at 1.3812 and 1.3826, the EUR/USD broke, taking out the 50% level at 1.3804 and triggering a break into the 61.8% level at 1.3766.

In addition to the uptrending angles, the market also ran into downtrending resistance at 1.3826. This angle actually formed a resistance cluster with the uptrending angle with the same price.

Holding the Fib level at 1.3766 could trigger a rally back to the mid-point at 1.3804. Overtaking this level could fuel a rally back to 1.3826. The market will turn bullish on a move through this resistance cluster.

A sustained move through 1.3766 should trigger a test of last week’s low at 1.3748. Taking out this level with conviction could trigger an acceleration to the nearest uptrending support angle at 1.3727.

Hourly EUR/USD Technical Analysis

Hourly EUR/USD

The main trend is down on the hourly chart. The main range is 1.3748 to 1.3825. The EUR/USD is trading on the weak side of the retracement zone created by this range at 1.3786 to 1.3777.

An uptrending Gann angle from the 1.3748 bottom is at 1.3778. This price forms a cluster with the Fibonacci level at 1.3777. A failure to overcome this area could lead to a sell-off into the close. This hour, the EUR/USD has room to break into another uptrending angle at 1.3763.

Currently, the market is trading on the strong side of a downtrending angle at 1.3765. Holding above 1.3778 could create enough upside momentum to test the 50% level at 1.3786. Another downtrending angle at 1.3795 is a possible upside target this hour. This angle is moving down .0005 per hour.

Volume is down today. The current set up suggests traders may be content with straddling the retracement zone at 1.3786 to 1.3777 into the close. 

Source:

EUR/USD Mid-Session Technical Analysis for March 24, 2014 » Fx …

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