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

Downside pressure continued on the EUR USD this morning. Today’s actionhas formed a new main trend top at 1.4200. The short-term range is1.3748 to 1.4200. This range forms a retracement zone at 1.3974 to1.3921 which is slowing down the rate of the decline.

Mid Session Analysis

Downside pressure continued on the EUR USD this morning. Today’s action has formed a new main trend top at 1.4200. The short-term range is 1.3748 to 1.4200. This range forms a retracement zone at 1.3974 to 1.3921 which is slowing down the rate of the decline.

Further weakness was indicated early in the trade when this pair broke a minor up trending Gann Angle from the 1.3748 bottom at 1.4008. The major Gann Angle to watch is coming from the April 22 bottom at 1.2884. This angle comes in at 1.3924. This up trending angle is controlling the short-term direction of the market. A failure to hold this angle will indicate further weakness with 1.3610 a possible downside target.

The combination of the up trending Gann Angle at 1.3924 and the .618 retracement at 1.3921 is forming an important price cluster. Look for a sharp decline late in the trading session if this area fails to hold as support.

A close under 1.4058 will put this pair lower for the week. After taking out last week’s high and failing at 1.4200, a lower close today could be indicating that this market is getting ready to rollover to the downside next week.

Mid Session Chart

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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

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