{"id":109182,"date":"2017-07-17T06:45:50","date_gmt":"2017-07-17T10:45:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=109182"},"modified":"2017-07-17T06:23:57","modified_gmt":"2017-07-17T10:23:57","slug":"eurusd-correction-expected-after-fridays-rally","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/eurusd-correction-expected-after-fridays-rally\/","title":{"rendered":"EURUSD: correction expected after Friday\u2019s rally"},"content":{"rendered":"<div id=\"inves-1830568647\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 17, 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 Friday the 14<sup>th<\/sup>\u00a0of July, trading on the euro closed up against the US dollar. The price rose sharply after the release of US data. The consumer price, retail sales and Michigan University indices did not match up to expectations. US 10Y bond yields fell by 2.6% on this news, reaching 2.27%. The euro rate restored to 1.1468. Buyers hit a session high of 1.1472 before trading closed.<\/p>\n<p>US statistics:<\/p>\n<ul class=\"list list_type_disc\">\n<li>The Michigan University consumer sentiment index fell to 93.1 (forecast: 95, previous reading: 95.1).<\/li>\n<li>The industrial production index for June grew by 0.4% (forecast: 0.4%, previous reading: 0.1%).<\/li>\n<li>The consumer price index in June came to 0.0% MoM, 1.6% YoY (forecast: 0.1% MoM, 1.7% YoY, previous reading: -0.1% MoM, 1.9% YoY).<\/li>\n<li>The retail sales index fell by 0.2% for the month. The same index excluding autos also fell by 0.2%<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>12:00 Eurozone: CPI (Jun), CPI core (Jun);<\/li>\n<li>15:30 Canada: foreign portfolio investment in Canadian securities (May);<\/li>\n<li>15:30 USA: NY Empire State manufacturing index (Jul).<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/eur_170717_596c59428d7db.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>My expectation of growth for the euro on Friday rang true. The single currency appreciated against the greenback to 1.1424 and was trading beneath the LB balance line up until the US session. After the release of US statistics, the price restored to 1.1472.<\/p><div id=\"inves-1725670093\" 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>So, what\u2019s in store for the euro today? The 90 degree Gann level is at 1.1478. Missing this level by 3 pips, our pair has started a downwards correction from 1.1475. In my forecast, I\u2019m expecting the euro to fall against the dollar to 1.1415 against Friday\u2019s movements. The economic calendar is virtually empty, so nothing should interrupt the correction, at least until the balance line.<\/p>\n<p>In order for the euro to break 1.15, the bulls can\u2019t allow the bears to take the price any lower than 1.1442\/40 (trend line from 1.1371). Given that the Stochastic is down, the price could go up a bit before falling. If the hourly candle closes above 1.1490, the euro won\u2019t fall.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20621_17072017\/\">EURUSD: correction expected after Friday\u2019s rally<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday the 14th\u00a0of July, trading on the euro closed up against the US dollar. The price rose sharply after the release of US data. The consumer price, retail sales and Michigan University indices did not match up to expectations. US 10Y bond yields fell by 2.6% on this news, [&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-109182","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109182","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=109182"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109182\/revisions"}],"predecessor-version":[{"id":109183,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109182\/revisions\/109183"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=109182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=109182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=109182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}