{"id":114911,"date":"2017-10-17T07:35:59","date_gmt":"2017-10-17T11:35:59","guid":{"rendered":"http:\/\/countingpips.com\/?p=114911"},"modified":"2018-06-01T15:55:33","modified_gmt":"2018-06-01T15:55:33","slug":"eurusd-price-approaching-the-neckline","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-price-approaching-the-neckline\/","title":{"rendered":"EURUSD: price approaching the neckline"},"content":{"rendered":"<div id=\"inves-953238337\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 17, 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>On Monday the 16<sup>th<\/sup>\u00a0of October, trading on the euro\/dollar pair closed slightly down. The pair spent most of its time in a sideways trend. After dropping to 1.1781, the euro recovered its lost ground to reach 1.1819. Still, the price didn\u2019t make it to the balance line, which at that point ran through 1.1826 levels.<\/p>\n<p>The price also missed the 45<sup>th<\/sup>\u00a0degree as a result of pressure on the euro. This pressure is due to the situation regarding Catalonian independence. According to the Spanish government, Carles Puigdemont, the president of Catalonia, has yet to clarify whether or not he actually made an official declaration of independence from Spain last week.<\/p>\n<p>After the formation of a three-wave upwards correction, euro sales have recommenced.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:00 Eurozone: ECB vice president Vitor Constancio\u2019s speech;<\/li>\n<li>11:30 UK: CPI (Sep), retail price index (Sep), PPI input (Sep), PPI output (Sep);<\/li>\n<li>12:00 Germany: ZEW economic sentiment (Oct);<\/li>\n<li>12:00 Eurozone: ZEW economic sentiment (Oct);<\/li>\n<li>13:00 Eurozone: CPI (Sep);<\/li>\n<li>13:15 UK: BoE governor Carney\u2019s speech;<\/li>\n<li>15:30 USA: import price index (Sep);<\/li>\n<li>16:15 USA: industrial production (Sep), capacity utilisation (Sep);<\/li>\n<li>17:00 USA: NAHB housing market index (Oct);<\/li>\n<li>20:00 USA: FOMC member Harker\u2019s speech;<\/li>\n<li>23:30 USA: API weekly crude oil stock.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/194_59e5ac3e32b8c.PNG\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Trading on the euro\/dollar pair on Monday closed at 1.1796. This drop continued into the Asian session. The euro fell to 1.1767. The price missed the balance line by 6 pips before starting this drop. At the time of writing, the euro is trading at 1.1770.<\/p><div id=\"inves-2250907129\" 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>An inverse head and shoulders model is continuing to form on the daily timeframe with the neckline at 1.1662. The daily indicators are looking downwards. If the fundamentals don\u2019t turn the market on its head, the price will be at the neckline within the next 2 days.<\/p>\n<p>Next week\u2019s ECB meeting is going to be a constant negative for the euro until it takes place. Euro bulls expect the regulator to announce the reversal of its QE program.<\/p>\n<p>Today, I expect the euro to trade within the downwards channel, dropping to the 112<sup>th<\/sup>\u00a0degree. Given that yesterday\u2019s upwards correction didn\u2019t amount to much, don\u2019t be surprised to see some sharp rebounds today. The events calendar is pretty full, so high volatility is expected until trading closes in Europe.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: price approaching the neckline<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari On Monday the 16th\u00a0of October, trading on the euro\/dollar pair closed slightly down. The pair spent most of its time in a sideways trend. After dropping to 1.1781, the euro recovered its lost ground to reach 1.1819. Still, the price didn\u2019t make it to the balance line, which at that point [&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-114911","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114911","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=114911"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114911\/revisions"}],"predecessor-version":[{"id":114912,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114911\/revisions\/114912"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=114911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=114911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=114911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}