{"id":101541,"date":"2017-01-31T07:16:21","date_gmt":"2017-01-31T12:16:21","guid":{"rendered":"http:\/\/countingpips.com\/?p=101541"},"modified":"2017-01-31T07:16:21","modified_gmt":"2017-01-31T12:16:21","slug":"eurusd-false-break-of-the-trend-line-and-daily-hammer","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/01\/eurusd-false-break-of-the-trend-line-and-daily-hammer\/","title":{"rendered":"EUR\/USD: false break of the trend line and daily hammer"},"content":{"rendered":"
January 31, 2017<\/div>
\r\n<\/div><\/div>

By\u00a0Gabriel Ojimadu, Alpari<\/strong><\/p>\n

\n

Previous:<\/em><\/strong><\/p>\n

On Monday, trading on the euro closed slightly down. Despite this fall to 1.0620, the eurobulls managed to partially recover their losses.<\/p>\n

The single currency fell against the dollar after a statement from ECB representative Ewald Novotny. He noted that Brexit may lead to some significant problems, as well as announcing the ECB’s intention to discuss curtailing their QE program until Autumn. In the American session, the rate restored to 1.0709.<\/p>\n

Market expectations:<\/em><\/strong><\/p>\n

Mario Draghi, head of the ECB, is to speak this afternoon, and the Eurozone is set to publish its preliminary GDP data for Q4. Draghi’s speech is expected to have a strong influence following the ECB’s statement at yesterday’s press conference. His other statements have had little effect on currency markets, however.<\/p>\n

Today (Tuesday) a two-day meeting of the FOMC begins in the US. They are expected to maintain current interest rates. This news is important for the market, but is unlikely to significantly affect it.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

After yesterday’s rebound from a minimum of 1.0620, a daily hammer formed. The apparent break in the trend line turned out to be false. Taking this into account, for Tuesday I’m forecasting a fall to around 1.0661, followed by growth up to 1.0740.<\/p>\n

Day’s news (GMT+3):<\/em><\/strong><\/p>\n