{"id":111893,"date":"2017-08-29T07:50:13","date_gmt":"2017-08-29T11:50:13","guid":{"rendered":"http:\/\/countingpips.com\/?p=111893"},"modified":"2017-08-29T07:28:24","modified_gmt":"2017-08-29T11:28:24","slug":"eurusd-triple-top-model-nearing-completion","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/eurusd-triple-top-model-nearing-completion\/","title":{"rendered":"EURUSD: triple top model nearing completion"},"content":{"rendered":"<div id=\"inves-366312211\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 29, 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 Monday, the 29<sup>th<\/sup>\u00a0of August, trading on the euro closed up. Buyers didn\u2019t manage to reach 1.20, but renewed the Asian high from 1.1960 to 1.1986. Markets continue to feed off Janet Yellen\u2019s and Mario Draghi\u2019s speeches at Jackson Hole while the media is playing up Hurricane Harvey, saying that it is having a negative effect on the US economy. US 10Y bond yields have fallen to 2.11%.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: Gfk consumer confidence survey.<\/li>\n<li>09:00 UK: Nationwide housing prices (Aug).<\/li>\n<li>15:30 Canada: raw material price index (Jul), industrial product price (Jul).<\/li>\n<li>16:00 USA: S&amp;P\/Case-Shiller home price indices (Jun).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/08\/eur_290817.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD exchange rate on the hourly. Source: TradingView<\/p>\n<p>My predictions for Monday didn\u2019t work out. It seems that the market is playing out the alternate scenario of a triple top model. The U3 MA line held buyers up at 1.1984. After reaching a new high, the euro corrected to 1.1956, after which the price restored to 1.1979 over the course of the following 6 hours.<\/p>\n<p>On the current hour, the U3 MA line runs through the 1.2022 mark. If we take a projection of the previous two tops, the target for our third is 1.2003. I\u2019ve set the target for this slightly lower, because the Stochastic is now up, and the 202<sup>nd<\/sup>\u00a0degree runs through 1.1990 level. A bearish divergence has formed between the price and the second top. With the three tops, a double divergence is forming.<\/p><div id=\"inves-2716638495\" 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>One other factor that\u2019s caused me to predict a slide is that the cycles on the hourly timeframe are showing a downwards trend. The euro tends to strengthen against the cycles, meaning that the longer this resistance holds, the greater the fall will be.<\/p>\n<p>I reckon that it would be good for the euro\/dollar pair to unload to the LB balance line. On the current bar, this line is at 1.1900. If we look at the dynamics, we should see it run through 1.1931 level during the US session. If we see growth, and the hour closes above 1.20, a different scenario will most likely play out.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21420_29082017\/\">EURUSD: triple top model nearing completion<\/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 Monday, the 29th\u00a0of August, trading on the euro closed up. Buyers didn\u2019t manage to reach 1.20, but renewed the Asian high from 1.1960 to 1.1986. Markets continue to feed off Janet Yellen\u2019s and Mario Draghi\u2019s speeches at Jackson Hole while the media is playing up Hurricane Harvey, saying that [&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-111893","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111893","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=111893"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111893\/revisions"}],"predecessor-version":[{"id":111894,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111893\/revisions\/111894"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=111893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=111893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=111893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}