{"id":110499,"date":"2017-08-07T08:15:33","date_gmt":"2017-08-07T12:15:33","guid":{"rendered":"http:\/\/countingpips.com\/?p=110499"},"modified":"2017-08-07T07:53:44","modified_gmt":"2017-08-07T11:53:44","slug":"eurusd-slide-from-the-67th-degree-expected","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/eurusd-slide-from-the-67th-degree-expected\/","title":{"rendered":"EURUSD: slide from the 67th degree expected"},"content":{"rendered":"<div id=\"inves-488108935\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 7, 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 4<sup>th<\/sup>\u00a0of August, trading on the euro closed 95 pips down against the dollar. The pair consolidated around 1.1880 up until the NFP report. The strong US labour data led buyers to close their short positions on the dollar. The euro dropped 148 pips to 1.1728 in the space of 3 hours as a result of triggered stop levels.<\/p>\n<p>The US Department of Labour announced an increase of 209,000 in the workforce in July outside the agricultural sector against a forecast of 183,000. The value for May was revised from 152,000 to 145,000 and for June from 222,000 to 231,000. The net revision comes to +2,000. Unemployment fell to 4.3% (-0.1%). Average hourly earnings rose from +0.2% to +0.3% with the workforce participation rate rising from 62.8% to 62.9%.<\/p>\n<p>This favourable jobs report increases the likelihood of a rate hike by the Fed in December this year. According to CME\u2019s FedWatch, as of the 4<sup>th<\/sup>\u00a0of August, the probability of a rate hike had risen to 46.8% against 42.8% the previous day. Now it\u2019s down to 45.5%.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: industrial production (Jun).<\/li>\n<li>10:00 Switzerland: foreign currency reserves (Jun).<\/li>\n<li>10:15 Switzerland: CPI (Jul).<\/li>\n<li>10:30 UK: Halifax house prices (Jul).<\/li>\n<li>11:30 Eurozone: Sentix investor confidence (Aug).<\/li>\n<li>17:00 USA: labour market conditions index (Jul).<\/li>\n<li>20:25 USA: FOMC member Kashkari\u2019s speech<\/li>\n<li>22:00 USA: consumer credit change (Jun).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/08\/eur_070817.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-4280183665\" 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>A large volume was recorded during this drop. One could say that this increase in volume was brought about by traders selling the euro after the NFP report and the subsequent triggering of protective stops on long positions. The rate stopped falling at the 135<sup>th<\/sup>\u00a0degree and lower D3 line. The market closed at 1.1773.<\/p>\n<p>So, what can we expect from the euro this week? I\u2019ll start with the fact that a candlestick with a small bullish body at the bottom and a long upper shadow has formed on the weekly timeframe. The market is sending out signals of its readiness for a downwards correction. The Stochastic crossed downwards a week ago. At the moment, techies aren\u2019t taking notice of this because oscillators don\u2019t work against the trend. One week isn\u2019t enough to start talking about a reversal. The NFP effect is short-term, so if consolidation is delayed for a couple of days, the euro will bounce back.<\/p>\n<p>For today, I\u2019m imagining something like this: growth to 1.1813 (just above the 67<sup>th<\/sup>\u00a0degree) followed by a drop to 1.1755. By 14:00 (GMT+3), the LB balance line should approach 1.1820 (additionally strengthening the area around the 67<sup>th<\/sup>\u00a0degree). Be ready for the 1.1728 low to be renewed. There\u2019s no important data coming out today.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20994_07082017\/\">EURUSD: slide from the 67th degree expected<\/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 4th\u00a0of August, trading on the euro closed 95 pips down against the dollar. The pair consolidated around 1.1880 up until the NFP report. The strong US labour data led buyers to close their short positions on the dollar. The euro dropped 148 pips to 1.1728 in the [&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-110499","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110499","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=110499"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110499\/revisions"}],"predecessor-version":[{"id":110500,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110499\/revisions\/110500"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=110499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=110499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=110499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}