{"id":109614,"date":"2017-07-25T07:59:29","date_gmt":"2017-07-25T11:59:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=109614"},"modified":"2017-07-25T07:41:25","modified_gmt":"2017-07-25T11:41:25","slug":"eurusd-downwards-correction-incomplete","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/07\/eurusd-downwards-correction-incomplete\/","title":{"rendered":"EURUSD: downwards correction incomplete"},"content":{"rendered":"<div id=\"inves-1818395213\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 25, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By\u00a0Gabriel Ojimadu, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong>Previous:<\/strong><\/p>\n<p>Trading on the euro closed down on Monday. The US dollar rose slightly against the dollar in the wake of a partial closing of long positions.<\/p>\n<p>The euro\/dollar rate has fallen to the 45<sup>th<\/sup>\u00a0degree at 1.1626 and stabilised beneath the LB balance line. Price fluctuations are fairly restrained given that trader attention is fixed on the outcome of the FOMC\u2019s meeting on Wednesday.<\/p>\n<p>US statistics:<\/p>\n<ul class=\"list list_type_disc\">\n<li>Existing home sales in the US in June came to 5.52 million (forecast: 5.57m, previous reading: 5.62m).<\/li>\n<li>The Markit services PMI for July came to 54.2 (forecast: 54.2, previous reading: 54.2).<\/li>\n<li>The Markit manufacturing PMI for July came to 53.2 (forecast: 52.3, previous reading: 52.0).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: import price index (Jun);<\/li>\n<li>11:00 Germany: IFO business climate (Jul);<\/li>\n<li>13:00 UK: CBI industrial trends survey (Jul);<\/li>\n<li>16:00 USA: housing price index (May), S&amp;P\/Case-Shiller home price indices (May);<\/li>\n<li>17:00 USA: Richmond Fed manufacturing index (Jul);<\/li>\n<li>20:00 UK: MPC member Haldane\u2019s speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/07\/eur_250717.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-4281181125\" 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>From its high of 1.1684, the euro rate has corrected by 45 degrees. It turned out to be strong, as sellers failed 4 times to break through it. In Asia, the euro\u2019s restored to 1.1663. The euro\u2019s rise was facilitated by ECB Executive Board member Yves Mersch\u2019s speech in Singapore, in which he touched on the Eurozone\u2019s economic recovery.<\/p>\n<p>From 1.1626 upwards, a beautiful three-wave correction has formed. On the chart, I\u2019ve shown the sinusoidal decline cycle to 1.1603 (67 degrees). This is the ideal scenario for today as we await the results of the Fed\u2019s July meeting. The meeting is unlikely to be accompanied by any renewed economic forecasts or press conferences, so its effect will be limited to the currency market. The Stochastic is in the sell zone, so it would be nice to see this correctional movement continue and see the third wave complete its formation. If the price consolidates below 1.1617, then sellers may take 1.1575 as a target. This correction will get stronger after a sustained rally for the euro.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20773_25072017\/\">EURUSD: downwards correction incomplete<\/a>&#8220;<\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Gabriel Ojimadu, Alpari Previous: Trading on the euro closed down on Monday. The US dollar rose slightly against the dollar in the wake of a partial closing of long positions. The euro\/dollar rate has fallen to the 45th\u00a0degree at 1.1626 and stabilised beneath the LB balance line. Price fluctuations are fairly restrained given that trader [&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-109614","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109614","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=109614"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109614\/revisions"}],"predecessor-version":[{"id":109615,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/109614\/revisions\/109615"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=109614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=109614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=109614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}