{"id":107843,"date":"2017-06-22T07:02:20","date_gmt":"2017-06-22T11:02:20","guid":{"rendered":"http:\/\/countingpips.com\/?p=107843"},"modified":"2017-06-22T06:33:32","modified_gmt":"2017-06-22T10:33:32","slug":"eurusd-correctional-movement-following-same-path-as-on-the-15th-of-june","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/06\/eurusd-correctional-movement-following-same-path-as-on-the-15th-of-june\/","title":{"rendered":"EURUSD: correctional movement following same path as on the 15th of June"},"content":{"rendered":"<div id=\"inves-3639942783\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 22, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Gabriel Ojimadu, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong>Previous:<\/strong><\/p>\n<p>The EURUSD pair closed up at the end of Wednesday\u2019s trading. The price has returned below the trend line, which was broken through on the 20<sup>th<\/sup> of June. This was brought about by the impact of Andy Haldane\u2019s speech, chief economist at the Bank of England, as well as by US bond yields and US data. The pair spent most of the day in a sideways trend, trading within a 30-pip range.<\/p>\n<p>As sterling was given a boost, the Euro against the dollar rose to 1.1156. It came back down to 1.1130 after certain developments in the news. US data, which saw a higher-than-expected level of existing home sales, provided support for the US dollar. After trading closed in Europe, the trend line was broken through against the backdrop of falling US bond yields. The rate rose to 1.1169.<\/p>\n<p>US data:<\/p>\n<p>There were 5.62 million existing home sales in the US in May (forecast: 5.55, previous reading: 5.56).<\/p>\n<p><strong>Day\u2019s news:<\/strong><\/p><div id=\"inves-66570600\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>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><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>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><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<ul class=\"list list_type_disc\">\n<li>11:00 Euro zone: ECB economic bulletin;<\/li>\n<li>13:00 UK: CBI industrial trend survey \u2013 orders (Jun);<\/li>\n<li>15:30 Canada: retail sales (Apr);<\/li>\n<li>15:30 USA: initial jobless claims (16 Jun);<\/li>\n<li>16:00 USA: housing price index (Apr);<\/li>\n<li>17:00 Euro zone: consumer confidence (Jun);<\/li>\n<li>17:00 USA: CB leading indicators (May);<\/li>\n<li>21:00 UK: MPC member Forbes\u2019 speech.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/eur_220617_594b6e97f1ec5.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView.<\/p>\n<p>Intraday forecast: low: 1.1132\/19, high: 1.1177, close: n\/a.<\/p>\n<p>On Wednesday, sellers tried to launch an assault on 1.11 level, but gave up after the close of the European session. The price restored to 1.1172. The rebound from the low point of 1.1119 amounted to 45 degrees.<\/p>\n<p>After the breakout of the trend line, the situation again became conflicted. On the one hand, the upwards movement is reminiscent of the rise in quotes from the low of 1.1132 (15<sup>th<\/sup> of June) to 1.1213. I\u2019ve taken an exact copy of the movement seen during the 15<sup>th<\/sup> and 16<sup>th<\/sup> of June and imposed it on today\u2019s chart, starting at the low of 1.1119. One should expect a slide from here. Oil is down and the Euro has yet to recover from the effects of its collapse.<\/p>\n<p>On the other hand, gold and yen have appreciated, signaling a move towards safe haven assets. The Euro, as a funding currency, could appreciate against the dollar on the back of a drop in stock indices. Cycles also suggest the Euro will strengthen.<\/p>\n<p>In Asia, US 10Y bond yields are trading down, but their current value is within yesterday\u2019s range. There\u2019s nothing more to say about it at this point. We need to wait until they exit this range.<\/p>\n<p>My position is currently to stay out of the market. However, I would really like to see the historical pattern work out here and to see a rebound from the 45<sup>th<\/sup> degree. Given the gentle slope of the upwards movement, I\u2019m staying in the bear camp.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20206_22062017\/\">EURUSD: correctional movement following same path as on the 15th of June<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: The EURUSD pair closed up at the end of Wednesday\u2019s trading. The price has returned below the trend line, which was broken through on the 20th of June. This was brought about by the impact of Andy Haldane\u2019s speech, chief economist at the Bank of England, as well as by [&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-107843","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107843","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=107843"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107843\/revisions"}],"predecessor-version":[{"id":107844,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/107843\/revisions\/107844"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=107843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=107843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=107843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}