{"id":102094,"date":"2017-02-13T07:50:50","date_gmt":"2017-02-13T12:50:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=102094"},"modified":"2017-02-13T07:50:50","modified_gmt":"2017-02-13T12:50:50","slug":"eurusd-upwards-correction-expected-after-a-new-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/02\/eurusd-upwards-correction-expected-after-a-new-low\/","title":{"rendered":"EUR\/USD: upwards correction expected after a new low"},"content":{"rendered":"<div id=\"inves-3262441447\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">February 13, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By\u00a0Gabriel Ojimadu, Alpari.com<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>Trading on the euro closed down on Friday. Expectations of a rebound before the weekend failed to materialise. The level of 1.0637 (67 degrees) didn&#8217;t hold. The rate slid to 1.0608 (90 degrees) on the back of a rise in US bond yields.<\/p>\n<p>The rise in bond yields didn&#8217;t last long, however. Having reached a session high of 2.4336%, yields then fell by 1.45% to 2.3884% in the space of 2 hours. The euro consequently ricocheted from\u00a0 a low of 1.0608 to 1.0652 (up 44 points).<\/p>\n<p>The preliminary figures of the Consumer Sentiment Index from the University of Michigan in the US amounted to 95.7 for February (forecasted: 98.0, previous figure: 98.5).<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>On Monday, trading on the euro opened up. The presidential election in Germany this weekend did nothing to support the single currency. Germany has elected their former foreign minister, Frank-Walter Steinmeier, as their 12<sup>th<\/sup> president.<\/p>\n<p>Trading closed up after Friday&#8217;s American session. On Monday, the pair is down in Asia. After an updating of the maximum, I&#8217;m expecting to see some correctional movement to around the 1.0657 mark. As the minimum moves from 1.0608 to 1.0595, the 45<sup>th<\/sup> degree will shift to 1.0647. This means that the growth of the euro may stall at around 1.0650. Given that the buyer ratio is currently at 30%, the market will be looking for a balancing point at the lower levels.<\/p>\n<p><strong><em>Day&#8217;s news:<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 Germany: Wholesale Price Index (Jan);<\/li>\n<li>14:00 Germany: Bundesbank monthly report;<\/li>\n<li>OPEC monthly oil report.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2017\/02\/eur_130217.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Intraday forecast: low: 1.0595, high: 1.0657, close: 1.0635<\/p>\n<p>On Friday, the 67<sup>th <\/sup>degree couldn&#8217;t stop the euro from falling. After a 4-hour flat, the euro rate slid to the 90<sup>th<\/sup> degree on the back of a rise in US bond yields. Just as yields began to fall, the euro rate bounced back.<\/p>\n<p>In Asia, bond yields are trading in positive territory. They traded within a narrow range for 5 hours. Experts are expecting 10-year bonds to break through the trend line through to 2.4486. In response to this, I&#8217;m expecting the euro to fall during the European session. As soon as buyers test the strength of the line, expect a corrective movement in line with the forecast. As bonds fall below 2.4130, the euro&#8217;s growth will pick up pace. The intermediate resistance for the euro is 1.0630.<\/p>\n<p>On the daily timeframe, the CCI indicator is below the -100 mark. The AO indicator and stochastic oscillator are pointing downwards. The immediate target is 1.0587.<\/p>\n<\/div>\n<p>Source: <a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/18188_13022017\/\" target=\"_blank\">EUR\/USD: upwards correction expected after a new low\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Gabriel Ojimadu, Alpari.com Previous: Trading on the euro closed down on Friday. Expectations of a rebound before the weekend failed to materialise. The level of 1.0637 (67 degrees) didn&#8217;t hold. The rate slid to 1.0608 (90 degrees) on the back of a rise in US bond yields. The rise in bond yields didn&#8217;t last long, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-102094","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/102094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=102094"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/102094\/revisions"}],"predecessor-version":[{"id":102095,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/102094\/revisions\/102095"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=102094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=102094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=102094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}