{"id":114042,"date":"2017-10-04T08:15:20","date_gmt":"2017-10-04T12:15:20","guid":{"rendered":"http:\/\/countingpips.com\/?p=114042"},"modified":"2017-10-04T07:10:45","modified_gmt":"2017-10-04T11:10:45","slug":"eurusd-the-price-has-corrected-to-the-67th-degree","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-the-price-has-corrected-to-the-67th-degree\/","title":{"rendered":"EURUSD: the price has corrected to the 67th degree"},"content":{"rendered":"<div id=\"inves-537234829\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 4, 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 3<sup>rd<\/sup>\u00a0of October, the euro\/dollar rate closed slightly up. Buyers managed to induce a rebound from 1.1696 on the back of some positive data from the Eurozone coupled with negative UK statistics. On the back of a jump on the euro\/pound cross from 0.8822 to 0.8881, the euro\/dollar bulls managed to bring the price up to 1.1737. I\u2019ll outline the current market situation below.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:55 Germany: Markit services PMI (Sep);<\/li>\n<li>11:00 Eurozone: Markit services PMI (Sep);<\/li>\n<li>11:30 UK: Markit services PMI (Sep);<\/li>\n<li>12:00 Eurozone: retail sales (Aug);<\/li>\n<li>15:15 USA: ADP employment change;<\/li>\n<li>16:45 USA: Markit services PMI (Sep);<\/li>\n<li>17:00 USA: ISM non-manufacturing PMI (Sep);<\/li>\n<li>17:30 USA: EIA crude oil stocks change (29 Sep);<\/li>\n<li>20:15 Eurozone: ECB President Draghi\u2019s speech;<\/li>\n<li>22:15 USA: Fed\u2019s Yellen speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_041017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Yesterday\u2019s session didn\u2019t go as I expected. The British and European statistics changed the landscape. Firstly, the price restored from the D2 line or 112<sup>th<\/sup>\u00a0degree to the balance line at 1.1763 (simple average line with a period of 55), then, following a pullback during the Asian session, growth continued to reach 1.1780.<\/p>\n<p>A new daily high has been hit. This correction from the low of 1.1696 marks a 61.8% retracement of the downwards wave from 1.1832 to 1.1696. Given that the 61.8% Fibo level runs close to the 67<sup>th<\/sup>\u00a0degree, this makes 1.1777 levels an important resistance.<\/p>\n<p>The Stochastic has reversed downwards. The CCI is starting to reverse downwards and needs to close below +100. It seems that all the conditions for continuing the downwards trend on the pair have been fulfilled, but there are still some internal doubts.<\/p>\n<p>One thing bothering me is that the rebound from the 67<sup>th<\/sup>\u00a0degree was weak. Because of this, we need to keep an eye on the dynamics of the euro\/pound cross and on US bond yields. Another thing is that in the US today, employment data from the ADP is set to be released as well as a non-manufacturing PMI from ISM. There are also going to be speeches from ECB head Mario Draghi and Fed chair Janet Yellen. They could be game changers.<\/p>\n<p>In my forecast, I expect a jump to 1.1791 followed by a continuation of the downtrend. I\u2019m playing it safe because in Asia, the dollar fell while the euro\/pound cross didn\u2019t. If, during the European session, the euro bears manage to close the hour below 1.1755, we can expect a further slide to 1.1725. The trend line taken from 1.1696 should be broken through. If a new high is reached, the 45<sup>th<\/sup>\u00a0degree will shift upwards.<\/p>\n<\/div>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/22147_04102017\/\" target=\"_blank\" rel=\"noopener\">https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/22147_04102017\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 3rd\u00a0of October, the euro\/dollar rate closed slightly up. Buyers managed to induce a rebound from 1.1696 on the back of some positive data from the Eurozone coupled with negative UK statistics. On the back of a jump on the euro\/pound cross from 0.8822 to 0.8881, the euro\/dollar [&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-114042","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114042","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=114042"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114042\/revisions"}],"predecessor-version":[{"id":114043,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114042\/revisions\/114043"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=114042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=114042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=114042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}