The Forex Pattern, Price & Time Report – EUR USD – Mid-Session

The EUR USD gapped support this morning and is headed toward an important support zone.  The market is weak at the Mid-Session as it approaches a key intra-day time period.

The EUR USD gapped two Gann Angles at 1.4017 overnight. This action created weakness which drove the market through 1.3804 which turned the Main Trend to down.

Another Gann Angle was penetrated at 1.3822 further weakening the market.

Based on the closing price reversal top from two weeks ago at 1.4337 and the Main Bottom at 1.2884 (4-22-09), look for this break to continue to at least 1.3610.

Watch 12:31 – 12:34pm CDT for a possible change in the intra-day trend.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More