{"id":112324,"date":"2017-09-06T07:05:37","date_gmt":"2017-09-06T11:05:37","guid":{"rendered":"http:\/\/countingpips.com\/?p=112324"},"modified":"2017-09-06T06:50:54","modified_gmt":"2017-09-06T10:50:54","slug":"eurusd-moving-within-the-1st-of-septembers-range","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/eurusd-moving-within-the-1st-of-septembers-range\/","title":{"rendered":"EURUSD: moving within the 1st of September\u2019s range"},"content":{"rendered":"<div id=\"inves-3528270709\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 6, 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 5<sup>th<\/sup>\u00a0of September, trading on the euro\/dollar pair closed slightly up. After falling to 1.1868, the euro recovered to 1.1941. This growth was brought about by a general weakening of the dollar after the publication of weak data on factory orders in the US in July.<\/p>\n<p>The index for factory orders in the US in July came out at -3.3% (forecast: -3.0%, previous: 3.2%).<\/p>\n<p>US 10Y bond yields have fallen from 2.17% to 2.056%, its lowest level since the presidential election. After such a drop in bond yields, the euro should have risen to around 1.1980 but its growth was held up by the upcoming ECB meeting.<\/p>\n<p>FOMC member Lael Brainard\u2019s comments weighed down on the dollar. She said that due to a long period of low inflation, they should be particularly cautious on the question of further rate hikes. Now let\u2019s take a look at the technical picture on the hourly timeframe.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p><div id=\"inves-56072346\" 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<ul class=\"list list_type_disc\">\n<li>09:00 Germany: factory orders (Jul).<\/li>\n<li>15:30 Canada: trade balance (Jul), labour productivity (Q2).<\/li>\n<li>15:30 USA: trade balance (Jul).<\/li>\n<li>16:45 USA: Markit services PMI (Aug).<\/li>\n<li>17:00 Canada: BOC interest rate decision, BOC rate statement.<\/li>\n<li>17:00 USA: ISM non-manufacturing index (Aug).<\/li>\n<li>21:00 USA: Fed\u2019s beige book.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/09\/eur_060917.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The euro\/dollar pair has been in a sideways trend for the last 3 days. The price has been trading within the range from the 1<sup>st<\/sup>\u00a0of September (1.1850 \u2013 1.1980) for 2 out of these 3 days. Until the price exits this range, expect fluctuations around the LB balance line.<\/p>\n<p>For now, the euro\u2019s situation remains unclear. Bulls tried to break through the downwards trend line yesterday, but fell short. They failed because the bears received some support from the falling euro\/pound cross as we await the ECB meeting.<\/p>\n<p>So, look at what we have now. Buyers continue to believe that the ECB could announce the reversal of its quantitative easing program at their meeting on monetary policy on the 7<sup>th<\/sup>\u00a0of September. Sellers reckon that the regulator will maintain this program until the end of October, before going on to announce a reduction in their asset purchasing program, which is currently at 60bn EUR a month.<\/p>\n<p>Who\u2019s right? I don\u2019t know, and there\u2019s no need to get in a twist over this. It\u2019s better to wait until the ECB meeting has concluded and Mario Draghi gives his press conference. In such an uncertain situation, you\u2019re more likely to trigger a stop level than make a profit. Today, I\u2019m predicting an unsuccessful test of the downwards trend line to 1.1935, followed by a return to the upwards trend line at 1.1893.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21594_06092017\/\">EURUSD: moving within the 1st of September\u2019s range<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 5th\u00a0of September, trading on the euro\/dollar pair closed slightly up. After falling to 1.1868, the euro recovered to 1.1941. This growth was brought about by a general weakening of the dollar after the publication of weak data on factory orders in the US in July. The index [&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-112324","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112324","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=112324"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112324\/revisions"}],"predecessor-version":[{"id":112325,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112324\/revisions\/112325"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=112324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=112324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=112324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}