{"id":114496,"date":"2017-10-10T07:45:11","date_gmt":"2017-10-10T11:45:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=114496"},"modified":"2018-06-01T15:55:40","modified_gmt":"2018-06-01T15:55:40","slug":"eurusd-buyers-readying-for-a-breakout-of-the-a-a-channel","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-buyers-readying-for-a-breakout-of-the-a-a-channel\/","title":{"rendered":"EURUSD: buyers readying for a breakout of the A-A channel"},"content":{"rendered":"<div id=\"inves-3310117901\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 10, 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 Monday the 9<sup>th<\/sup>\u00a0of October, trading on the euro\/dollar pair closed slightly up. Before buyers decided to launch an assault on the B-B channel, they twice returned to the LB balance line. Given that exchanges were closed in the US and Canada due to national holidays, trader activity on the Forex market was low.<\/p>\n<p>Comments made by the ECB\u2019s Sabine Lautenschl\u00e4ger during the US session provided support for the euro bulls. She said that the regulator should start curtailing its asset purchasing program next year. She didn\u2019t give any concrete dates.<\/p>\n<p>Buyers tested the upper boundary of the B-B channel, breaking through it in the Asian session.<\/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 (Aug);<\/li>\n<li>11:30 UK: manufacturing production (Aug), industrial production (Aug);<\/li>\n<li>13:00 USA: NFIB business optimism index (Sep);<\/li>\n<li>15:00 UK: NIESR GDP estimate (Sep);<\/li>\n<li>15:15 Canada: housing starts (Sep);<\/li>\n<li>15:30 Canada: building permits (Aug);<\/li>\n<li>17:00 USA: FOMC member Kashari\u2019s speech, IBD\/TIPP economic optimism (Oct).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_101017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-3324591496\" 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>Yesterday\u2019s predictions came off in full. The price stayed in the upwards channel until the day\u2019s close. There were a few punctures in the lower boundary, but this doesn\u2019t have much bearing now. The price exited the B-B channel, and in Asia, made an approach towards the upper boundary of the A-A channel.<\/p>\n<p>The euro may have been boosted by the Aussie dollar, which rose across the board after the publication of a business confidence report from the NAB.<\/p>\n<p>The fact that sellers failed to defend 1.1750 levels and allowed the price to exit the B-B channel tells us that the right shoulder is starting to form on the daily chart.<\/p>\n<p>Buyers met with resistance around the 90<sup>th<\/sup>\u00a0degree. The A-A channel runs through 1.1785 levels. For now, it\u2019s important that buyers maintain the rate at around its current level for the US session. This flat will provide an opportunity for accumulating long positions. When trading in New York gets underway, they can then try to get a foothold above the 112<sup>th<\/sup>\u00a0degree. I can\u2019t see the euro going any higher than that as the indicators on the hourly timeframe are already overloaded. The target for the next few days is 1.1880.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: buyers readying for a breakout of the A-A channel<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 9th\u00a0of October, trading on the euro\/dollar pair closed slightly up. Before buyers decided to launch an assault on the B-B channel, they twice returned to the LB balance line. Given that exchanges were closed in the US and Canada due to national holidays, trader activity on 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-114496","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114496","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=114496"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114496\/revisions"}],"predecessor-version":[{"id":114497,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114496\/revisions\/114497"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=114496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=114496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=114496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}