{"id":111034,"date":"2017-08-16T08:15:46","date_gmt":"2017-08-16T12:15:46","guid":{"rendered":"http:\/\/countingpips.com\/?p=111034"},"modified":"2017-08-16T07:29:49","modified_gmt":"2017-08-16T11:29:49","slug":"eurusd-correction-to-continue-to-the-lb-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/eurusd-correction-to-continue-to-the-lb-line\/","title":{"rendered":"EURUSD: correction to continue to the LB line"},"content":{"rendered":"<div id=\"inves-3587754789\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 16, 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 Tuesday the 15<sup>th<\/sup>\u00a0of August, trading on the euro\/dollar pair closed in the red. In the US session, the euro fell against the dollar to 1.1687. Strong retail sales data coupled with an abating of tensions surrounding North Korea provided support for the greenback. Previous negative retail sales figures were revised upwards to positive values. US 10Y bond yields jumped to 2.284%.<\/p>\n<p>The dollar, however, was unable to hold onto the ground it gained from the news. Market participants started profit-taking, resulting in a ricochet upwards of 56 pips to 1.1743.<\/p>\n<p><strong>US statistics:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Retail sales index: +0.6% MoM (forecast: 0.4% MoM, previous reading revised from -0.2% to 0.3%).<\/li>\n<li>Retail sales index ex autos: 0.5% MoM (forecast: 0.4% MoM, previous rading revised from -0.1% to 0.3%).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:30 UK: average earnings (Jun), ILO\u00a0<a href=\"https:\/\/alpari.com\/en\/beginner\/glossary\/unemployment-rate\/\" data-interlinking=\"true\">unemployment rate<\/a>\u00a0(Jun), claimant count rate (Jul).<\/li>\n<li>12:00 Eurozone:\u00a0<a href=\"https:\/\/alpari.com\/en\/beginner\/glossary\/gross-domestic-product\/\" data-interlinking=\"true\">GDP<\/a>\u00a0(Q2).<\/li>\n<li>15:30 Canada: foreign portfolio investment in Canadian securities (Jun).<\/li>\n<li>15:30 USA: building permits (Jul), housing starts (Jul).<\/li>\n<li>17:30 USA: EIA crude oil stocks change (11 Aug).<\/li>\n<li>21:00 USA: FOMC minutes.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/08\/eur_160817.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-1031690409\" 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 fell from the 90<sup>th<\/sup>\u00a0to the 135<sup>th<\/sup>\u00a0degree on yesterday\u2019s news. From there, the price rebounded by 45 degrees. In Asia, a breakout of the\u00a0<a href=\"https:\/\/alpari.com\/en\/beginner\/glossary\/trend\/\" data-interlinking=\"true\">trend<\/a>\u00a0line was confirmed. Buyers shifted the maximum to 1.1716. The tail of the daily candlestick and the breakout of the trend line give me grounds for predicting the euro to rise against the dollar today.<\/p>\n<p>The 22<sup>nd<\/sup>\u00a0degree is at 1.1720. I think it\u2019ll move to 1.1716. From 22 degrees, I\u2019m expecting to see the price return to 1.1767. If, when trading in Europe gets underway, the price starts going up, and not down, we\u2019ll have a different situation. In such a case, the target will be higher.<\/p>\n<p>Some important statistics for the Eurozone, UK and US are coming out today. We\u2019re also expecting the publication of the minutes from the FOMC\u2019s latest meeting. The Eurozone\u2019s GDP for the second quarter and the FOMC minutes will be the major drivers for the euro\/dollar pair today.<\/p>\n<p>The revised GDP figure for the Eurozone will most likely remain at its previous levels of 0.6% QoQ and 2.1% YoY, so the report could be ignored. We should only see a reaction if different figures comes out. More interesting is the publication of the FOMC\u2019s minutes, which could set the tone for trading on the dollar over the next week.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21172_16082017\/\">EURUSD: correction to continue to the LB line<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 15th\u00a0of August, trading on the euro\/dollar pair closed in the red. In the US session, the euro fell against the dollar to 1.1687. Strong retail sales data coupled with an abating of tensions surrounding North Korea provided support for the greenback. Previous negative retail sales figures 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-111034","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111034","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=111034"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111034\/revisions"}],"predecessor-version":[{"id":111035,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111034\/revisions\/111035"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=111034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=111034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=111034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}