{"id":112472,"date":"2017-09-08T07:15:36","date_gmt":"2017-09-08T11:15:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=112472"},"modified":"2017-09-08T07:04:42","modified_gmt":"2017-09-08T11:04:42","slug":"eurusd-expect-a-rebound-from-the-135th-degree-and-u3-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/eurusd-expect-a-rebound-from-the-135th-degree-and-u3-line\/","title":{"rendered":"EURUSD: expect a rebound from the 135th degree and U3 line"},"content":{"rendered":"<div id=\"inves-737068263\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 8, 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 Thursday the 7<sup>th<\/sup>\u00a0of September, trading on the euro closed up. Mario Draghi\u2019s press conference was the key event of the day, and volatility on the market surged as he was speaking. Everyone heard what they wanted to hear, but the bulls overpowered the bears.<\/p>\n<p>Draghi didn\u2019t say anything new. He remained silent on the strength of the euro; although he did say that volatility on the euro is a source of uncertainty in the Eurozone and that the ECB was closely monitoring its fluctuations. Draghi also announced that most of the decisions regarding the reversal of the QE program would be made in October. The bank\u2019s economists upgraded their GDP forecast for 2017 from 1.9% to 2.2%.<\/p>\n<p>On Draghi\u2019s comments, the euro jumped to 1.2060 compared to 1.1917 when trading closed in New York on Wednesday.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: trade balance (Jul).<\/li>\n<li>11:30 Australia: RBA Governor Lowe\u2019s speech.<\/li>\n<li>11:30 UK: industrial production (Jul), trade balance (Jul), manufacturing production (Jul), consumer inflation expectations.<\/li>\n<li>15:00 UK: NIESR GDP estimate (Aug).<\/li>\n<li>15:30 Canada: net change in employment (Aug), unemployment rate (Aug), capacity utilisation (Q2).<\/li>\n<li>15:45 USA: FOMC member Harker\u2019s speech.<\/li>\n<li>17:00 USA: wholesale inventories (Jul).<\/li>\n<li>22:00 USA: consumer credit change (Jul).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/09\/eur_080917.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-2727974212\" 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 daily price range on the 7<sup>th<\/sup>\u00a0of September\u2019s candlestick was 146 pips. Buyers met with resistance at around the 180<sup>th<\/sup>\u00a0degree and the U3 moving averages line. If the price didn\u2019t break through this line during Draghi\u2019s speech, it\u2019s very unlikely to happen today.<\/p>\n<p>So, how can we make sense of current affairs? First of all, the first thing that comes to mind is the formation of a triple top beneath the U3 line. If you have an MA line on your chart, take a look at the price dynamics from the 25<sup>th<\/sup>\u00a0to 29<sup>th<\/sup>\u00a0of August.<\/p>\n<p>Another possibility is that in the case of a lack of news and a lack of will from buyers to take profit on their long positions, we could see a correction to the 45<sup>th<\/sup>\u00a0degree at 1.2038. I\u2019m forecasting a rebound from this level, but we need to keep an eye on trading volume. If volume is low, the downwards correction should continue to the LB balance line, to around 1.2010.<\/p>\n<p>Could the euro\/dollar go up? It\u2019s possible. The price could climb without volume to 1.2130 to form a bearish divergence. The euro is rising against the US dollar, the pound, and the Canadian dollar, while falling against the franc, yen, and the Aussie and Kiwi dollars.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21656_08092017\/\">EURUSD: expect a rebound from the 135th degree and U3 line<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 7th\u00a0of September, trading on the euro closed up. Mario Draghi\u2019s press conference was the key event of the day, and volatility on the market surged as he was speaking. Everyone heard what they wanted to hear, but the bulls overpowered the bears. Draghi didn\u2019t say anything new. [&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-112472","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112472","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=112472"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112472\/revisions"}],"predecessor-version":[{"id":112473,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112472\/revisions\/112473"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=112472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=112472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=112472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}