{"id":108835,"date":"2017-07-11T07:55:59","date_gmt":"2017-07-11T11:55:59","guid":{"rendered":"http:\/\/countingpips.com\/?p=108835"},"modified":"2017-07-11T07:38:47","modified_gmt":"2017-07-11T11:38:47","slug":"eurusd-trend-line-broken-through-on-the-hourly-timeframe","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/eurusd-trend-line-broken-through-on-the-hourly-timeframe\/","title":{"rendered":"EURUSD: trend line broken through on the hourly timeframe"},"content":{"rendered":"<div id=\"inves-2650196570\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 11, 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, trading on the euro closed slightly down and within Friday\u2019s range (intraday bar). My expectations for Monday came off in full. In the first half of the day, the NFP report continued to provide support for the dollar. Given that the economic calendar was empty, euro bulls were easily able to induce a rebound from the trend line and return the price to 1.1408.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Japan: machine tool orders (Jun);<\/li>\n<li>13:00 UK: MPC member Haldane speech;<\/li>\n<li>13:00 USA: NFIB business optimism index (Jun);<\/li>\n<li>14:00 UK: MPC member Broadbent speech;<\/li>\n<li>15:15 Canada: housing starts (Jun);<\/li>\n<li>17:00 USA: JOLTS job openings (May), wholesale inventories (May);<\/li>\n<li>19:00 USA: FOMC member Brainard speech;<\/li>\n<li>20:00 USA: FOMC member Kashkari speech.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/eur_110717_59646ff1bec8b.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>In Asia, the euro is currently trading 0.11% down. Sellers have broken through the trend line on the hourly timeframe. Because of this, I\u2019m going to risk saying that the euro will weaken against the US dollar as far as the 90<sup>th<\/sup>\u00a0degree at 1.1333. There\u2019s a strong support at 1.1380. A breakout of this support would open the way to 1.1333 and lower. If sellers don\u2019t manage this before the US session begins, there\u2019ll be an increased risk of returning to 1.1433. If the hourly candlestick closes above 1.1410, we can forget about this scenario altogether.<\/p>\n<p>This week, trader attention will be focused on the speeches from Federal Reserve Chair Janet Yellen as she gives testimony in the Semiannual Monetary Policy Report to the Congress; to the Committee on Financial Services in the House of Representatives on Wednesday, and the Committee on Banking, Housing and Urban Affairs in the Senate on Thursday. As usual, traders will be looking for cues as to the Fed\u2019s stance on interest rates. After a strong NFP report, she might drop some hints about rates. I\u2019m betting that euro bulls will try to partially close their long positions before her speech, which will weaken the euro and allow the pair to undergo a correction after the 6<sup>th<\/sup>\u00a0of July\u2019s rally.<\/p><div id=\"inves-3288843138\" 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<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20512_11072017\/\">EURUSD: trend line broken through on the hourly timeframe<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday, trading on the euro closed slightly down and within Friday\u2019s range (intraday bar). My expectations for Monday came off in full. In the first half of the day, the NFP report continued to provide support for the dollar. Given that the economic calendar was empty, euro bulls were [&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-108835","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108835","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=108835"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108835\/revisions"}],"predecessor-version":[{"id":108836,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/108835\/revisions\/108836"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=108835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=108835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=108835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}