After an early session breakout through a major 50% price level at 1.3491, the EUR/USD is still showing signs of strength at the mid-session. Now that the market has crossed over to the bullish side of the retracement zone, it is going to have to sustain support over the 50% level or the trend could reverse.
Besides the retracement zone support, the uptrending Gann angle at 1.3463 is providing guidance and direction. A trade under this angle will be a sign that the trend is weakening.
Daily EUR/USD Chart
The 60-minute chart shows that the EUR/USD surged shortly after the European market opened. The first drive was into resistance at 1.3562. This was followed by a near-term correction to 1.3532. The subsequent rally took the market to 1.3577 where is formed a closing price reversal top. My hourly work suggests that a break under 1.3557 could trigger the start of an intraday break.
Hourly EUR/USD Chart
The first downside target is the uptrending Gann angle from the 1.3532 bottom at 1.3552. Based on the daily range of 1.3481 to 1.3577, a late session sell-off could trigger an even greater break into a retracement zone at 1.3529 to 1.3518.
Since the main trend is up, 60-minute traders have to watch the action near 1.3532. A trade through this price will turn the main trend down.
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