{"id":112379,"date":"2017-09-07T07:15:07","date_gmt":"2017-09-07T11:15:07","guid":{"rendered":"http:\/\/countingpips.com\/?p=112379"},"modified":"2017-09-07T06:43:27","modified_gmt":"2017-09-07T10:43:27","slug":"eurusd-markets-await-draghis-speech","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/eurusd-markets-await-draghis-speech\/","title":{"rendered":"EURUSD: markets await Draghi\u2019s speech"},"content":{"rendered":"<div id=\"inves-936252672\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 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 Wednesday the 6<sup>th<\/sup>\u00a0of September, trading on the euro\/dollar pair closed slightly up (+9 pips). The price spent the whole day within a range of 1.1903 to 1.1950, staying within the 1<sup>st<\/sup>\u00a0of September\u2019s range of 1.1850 to 1.1980.<\/p>\n<p>The euro rose to 1.1950 during the European session. From there, the price went back down to 1.1914. There was a jump in volatility during the US session after the Bank of Canada announced its decision to raise its key rate by 25 base points to 1.00%. The US dollar collapsed against its Canadian counterpart, shedding 279 pips to reach 1.2136.<\/p>\n<p>The publication of US data didn\u2019t bring any respite. The ISM non-manufacturing index came out lower than expected. Trader activity on the EURUSD pair was low in anticipation of the ECB meeting and Mario Draghi\u2019s press conference.<\/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 (Jul).<\/li>\n<li>10:00 Switzerland: foreign currency reserves (Jul).<\/li>\n<li>10:30 UK: Halifax house prices (Aug).<\/li>\n<li>14:45 Eurozone: ECB interest rate decision.<\/li>\n<li>15:30 Canada: building permits (Jun).<\/li>\n<li>15:30 Eurozone: ECB monetary policy statement and press conference.<\/li>\n<li>15:30 USA: initial jobless claims (1 Sep), nonfarm productivity (Q2), unit labour costs (Q2).<\/li>\n<li>17:00 Canada: Ivey PMI (Aug).<\/li>\n<li>18:00 USA: EIA crude oil stocks change (28 Aug).<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/09\/eur_070917.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-2524539902\" 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>On Wednesday, our pair traded within a 47-pip corridor. After an unsuccessful attempt at breaking 1.1950, buyers retreated to the LB balance line. Now, markets are awaiting the results of the ECB meeting and Mario Draghi\u2019s press conference to follow.<\/p>\n<p>I won\u2019t be making a forecast in today\u2019s review. It\u2019s rather pointless to do so when the head of the ECB is set to give a press conference. He could easily cause a storm on currency markets today. Market participants are interested to know what he\u2019ll say about the strength of the euro, and whether he will announce a date for the reversal of the ECB\u2019s QE program. During Draghi\u2019s speech, I\u2019m expecting to see a price range of 1.1840 \u2013 1.2014. There\u2019s a resistance at 1.1965 and a support at 1.1900 (trend line).<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21626_07092017\/\">EURUSD: markets await Draghi\u2019s speech<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Wednesday the 6th\u00a0of September, trading on the euro\/dollar pair closed slightly up (+9 pips). The price spent the whole day within a range of 1.1903 to 1.1950, staying within the 1st\u00a0of September\u2019s range of 1.1850 to 1.1980. The euro rose to 1.1950 during the European session. From there, 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-112379","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112379","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=112379"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112379\/revisions"}],"predecessor-version":[{"id":112380,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112379\/revisions\/112380"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=112379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=112379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=112379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}