{"id":112811,"date":"2017-09-14T06:45:46","date_gmt":"2017-09-14T10:45:46","guid":{"rendered":"http:\/\/countingpips.com\/?p=112811"},"modified":"2017-09-14T06:38:31","modified_gmt":"2017-09-14T10:38:31","slug":"eurusd-correction-to-the-lb-line-in-the-works","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/eurusd-correction-to-the-lb-line-in-the-works\/","title":{"rendered":"EURUSD: correction to the LB line in the works"},"content":{"rendered":"<div id=\"inves-1292841056\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 14, 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 13<sup>th<\/sup>\u00a0of September, the euro\/dollar rate closed down. The euro lost more than 100 pips of ground against the dollar over the course of the day, falling to 1.1873. It was revealed that Donald Trump is set to announce the details of his proposed tax reform legislation next week. According to a statement on the budget by the speaker of the House of Representatives, the new legislation could come into force by the end of the year.<\/p>\n<p>The British pound has collapsed against the dollar, shedding 145 pips. This drop began in Europe after the publication of employment data in the UK. Buyers were disappointed by the average earnings index, which performed worse than expected. Because of this, the euro has gained some temporary support against the dollar through the cross.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:30 Switzerland: SNB interest rate decision.<\/li>\n<li>14:00 UK: BoE interest rate decision, BoE asset purchase facility.<\/li>\n<li>15:30 Canada: new housing price index (Jul).<\/li>\n<li>15:30 USA: CPI (Aug), initial jobless claims (8 Sep).<\/li>\n<li>18:30 Germany: German Buba president Weidmann\u2019s speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/09\/eur_140917.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The price is currently moving along the D2 MA line. I think that the price will continue in its current direction until 1.1858. From the 112<sup>th<\/sup>\u00a0degree and the lower boundary of the downwards channel, we can start to think about upwards movement towards the LB balance line. At the moment, the 45<sup>th<\/sup>\u00a0degree is projected from the 1.1870 low. If the euro rate falls as far as 1.1858, the 45<sup>th<\/sup>\u00a0degree will shift to 1.1913.<\/p><div id=\"inves-896317933\" 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>Be warned, you shouldn\u2019t act on the basis of my forecast alone. It doesn\u2019t take fundamental factors into account such as the BoE\u2019s meeting and US inflation data. Statistics are more important than technical analysis, so you should always make an assessment of the risks involved in a trade and set stop levels accordingly. Fundamentals can break any strong reversal model. The smaller the upwards rebound, the higher the probability of dropping to 1.1780 on Friday.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/21774_14092017\/\">EURUSD: correction to the LB line in the works<\/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 13th\u00a0of September, the euro\/dollar rate closed down. The euro lost more than 100 pips of ground against the dollar over the course of the day, falling to 1.1873. It was revealed that Donald Trump is set to announce the details of his proposed tax reform legislation next [&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-112811","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112811","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=112811"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112811\/revisions"}],"predecessor-version":[{"id":112812,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/112811\/revisions\/112812"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=112811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=112811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=112811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}