The EUR/USD is under pressure at the mid-session. Early in the trading session the Forex pair affirmed yesterday’s change in trend on the daily chart when the market traded through the December 21 swing bottom at 1.3158 with conviction. This old support is now new resistance.
Based on the main range of 1.2876 to 1.3308, a retracement zone was created at 1.3092 to 1.3041. Although there was a slight technical bounce following the first test of the 50% price at 1.3092, downside momentum is continuing to drive the market lower, fueling expectations of a test of the Fibonacci price level over the near-term.
Daily EUR/USD Chart
Before the Euro reaches the Fib price at 1.3041, the Forex pair must break through an uptrending Gann angle at 1.3046. The combination of these two technical factors actually forms a target zone today or a possible support cluster at 1.3046 to 1.3041.
Besides the sustained drives through the support points, the market is also trading on the weak side of a downtrending Gann angle from the December 19 top at 1.3308. This angle is at 1.3128 today, making it a resistance price.
The EUR/USD is in a position to test its first swing chart target at 1.3149, making it ripe for a rebound rally. If this price fails to attract buyers then look for the break to continue with 1.2999 and 1.2823 potential downside targets.
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