{"id":108488,"date":"2017-07-04T05:55:19","date_gmt":"2017-07-04T09:55:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=108488"},"modified":"2017-07-04T05:13:11","modified_gmt":"2017-07-04T09:13:11","slug":"eurusd-continued-fall-expected","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/eurusd-continued-fall-expected\/","title":{"rendered":"EURUSD: continued fall expected"},"content":{"rendered":"<div id=\"inves-3611223868\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 4, 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>On Monday, the 3<sup>rd<\/sup>\u00a0of July, the euro\/dollar rate closed down. The US dollar rose against the single currency on the back of a technical correction, the closing of short positions on the dollar and low trading activity ahead of today\u2019s national holiday in the US.<\/p>\n<p>The dollar received additional support from some optimistic manufacturing PMI data. In June, the PMI for the manufacturing sector grew to 57.8, exceeding expectations of 55.0 and reaching its highest level since August 2014.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>USA: Independence Day;<\/li>\n<li>11:30 UK: PMI construction (Jun);<\/li>\n<li>12:00 Eurozone: PPI (May);<\/li>\n<li>15:30 EU: ECB board member Praet\u2019s speech;<\/li>\n<li>16:30 Canada: Markit manufacturing PMI (Jun);<\/li>\n<li>20:40 EU: ECB board member Yves Mersch\u2019s speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2017\/07\/eur_040717.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView.<\/p>\n<p>Canada had a national holiday yesterday, while the US had a half day. US markets closed 3 hours early. On the 4<sup>th<\/sup>\u00a0of July, Americans celebrate Independence Day. With a low trading volume expected, it\u2019s possible that we\u2019ll see some sharp price fluctuations in both directions in the hunt for stop levels.<\/p><div id=\"inves-1776697910\" 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<p>Sellers have regained 76 pips of ground in the last 2 days. It\u2019s not much, but I can assure you that the road is now open towards the support zone at 1.1330\/38. A breakout here would trigger a mass closing of long positions and we would start to see the formation of a head and shoulders model with a target of 1.1152 (take a look at the daily chart).<\/p>\n<p>At the time of writing this review, the euro is trading at 1.1369. The pair has been in a correctional phase for the last 13 hours. The market\u2019s behavior is reminiscent of the correction from the 1.1392 low. I\u2019m forecasting a fall for the euro to 1.1338 to complete its downward pivot. I\u2019m not ruling out that this could turn into a complex structure with a target below 1.12. The market is thin, so keep an eye on the price\u2019s behavior around 1.1332. With the euro\/pound cross, keep an eye on 0.8720 \u2013 0.8730.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20391_04072017\/\">EURUSD: continued fall expected<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday, the 3rd\u00a0of July, the euro\/dollar rate closed down. The US dollar rose against the single currency on the back of a technical correction, the closing of short positions on the dollar and low trading activity ahead of today\u2019s national holiday in the US. The dollar received additional support [&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-108488","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108488","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=108488"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108488\/revisions"}],"predecessor-version":[{"id":108489,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108488\/revisions\/108489"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=108488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=108488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=108488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}