{"id":109566,"date":"2017-07-24T07:45:44","date_gmt":"2017-07-24T11:45:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=109566"},"modified":"2017-07-24T07:27:57","modified_gmt":"2017-07-24T11:27:57","slug":"eurusd-time-for-a-downwards-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/eurusd-time-for-a-downwards-correction\/","title":{"rendered":"EURUSD: time for a downwards correction"},"content":{"rendered":"<div id=\"inves-175376080\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 24, 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, trading on the euro\/dollar pair closed up. Trading volumes were high, which was enough to hit a new 52-week high with an empty economic calendar. The euro\/dollar rate rose to 1.1683.<\/p>\n<p>The general weakness of the US dollar, combined with investor confidence in the reversal of the ECB\u2019s QE program, is pushing the price up.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:30 Germany: Markit manufacturing PMI (Jul), Markit services PMI (Jul);<\/li>\n<li>11:00 Eurozone: Markit manufacturing PMI (Jul), Markit services PMI (Jul);<\/li>\n<li>13:00 Germany: German Buba monthly report;<\/li>\n<li>15:30 Canada: wholesale sales (May);<\/li>\n<li>16:45 USA: Markit manufacturing PMI (Jul), Markit services PMI (Jul);<\/li>\n<li>17:00 USA: existing home sales (Jun).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/07\/eur_240717.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The market formed an upwards flag on Friday. It doesn\u2019t bear much resemblance to the ending diagonal due to the wave structure. Still, after hitting a new high in the Asian session, we have a half-formed double top formation and triple bearish divergence.<\/p><div id=\"inves-3277813779\" 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>The euro is currently trading at 1.1671. After 4 peaks, there\u2019s no way I\u2019m going to entertain the euro rising again until we see the rate correct at least to the LB balance line. The bullish impulse is flittering, but the trend remains strong. To give some downwards acceleration, and start some fixing, we need to break 1.1659 and exit the channel. Since the price hasn\u2019t fallen straight away from 1.1684, there\u2019s a chance of the double top transforming into a W-model. Those are my suggestions. These two reversal models and the triple divergence might not work out given that the AO indicator is hovering around the zero line. This means that the price has met with the average lines from which the AO is formed (average lines with periods 5 and 34). My target on the LB is on the 45<sup>th<\/sup>\u00a0degree at 1.1630.<\/p>\n<p>This week, trader attention is going to be focused on the next meeting of the US Fed\u2019s FOMC, as well as preliminary 2<sup>nd<\/sup>\u00a0quarter GDP values for France, the UK and US.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20741_24072017\/\">EURUSD: time for a downwards correction<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday, trading on the euro\/dollar pair closed up. Trading volumes were high, which was enough to hit a new 52-week high with an empty economic calendar. The euro\/dollar rate rose to 1.1683. The general weakness of the US dollar, combined with investor confidence in the reversal of the ECB\u2019s [&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-109566","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109566","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=109566"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109566\/revisions"}],"predecessor-version":[{"id":109568,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109566\/revisions\/109568"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=109566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=109566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=109566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}