{"id":114953,"date":"2017-10-18T07:28:36","date_gmt":"2017-10-18T11:28:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=114953"},"modified":"2018-06-01T15:55:32","modified_gmt":"2018-06-01T15:55:32","slug":"eurusd-todays-situation-is-5050","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-todays-situation-is-5050\/","title":{"rendered":"EURUSD: today\u2019s situation is 50\/50"},"content":{"rendered":"<div id=\"inves-2517601993\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 18, 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 17<sup>th<\/sup>\u00a0of October, the US dollar continued its growth against the majors. In the US session, the euro dropped to 1.1736. Market participants share the opinion that the dollar\u2019s rise in the first half of the day was down to talk that John Taylor, an advocate of tight monetary policy, could become the next Chair of the US Federal Reserve. Donald Trump is expected to announce his choice for the post before the 3<sup>rd<\/sup>\u00a0of November. With the support of some of the euro crosses, the daily candlestick on the euro\/dollar instrument closed at 1.1766.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>02:30 Australia: Westpac leading index (Sep);<\/li>\n<li>11:10 Eurozone: ECB president Mario Draghi\u2019s speech;<\/li>\n<li>11:30 UK: claimant count change (Sep), ILO unemployment rate (Aug), average earnings including bonus (Aug) \u2013 the pound is very sensitive to these indicators;<\/li>\n<li>14:45 Eurozone: ECB\u2019s Praet speech;<\/li>\n<li>15:00 USA: Fed\u2019s William Dudley speech, FOMC member Kaplan\u2019s speech;<\/li>\n<li>15:30 Canada: manufacturing shipments (Aug);<\/li>\n<li>15:30 USA: building permits (Sep), housing starts (Sep);<\/li>\n<li>17:15 Eurozone: ECB\u2019s C\u0153ur\u00e9 speech;<\/li>\n<li>17:30 USA: EIA crude oil stocks change (13 Oct);<\/li>\n<li>21:00 USA: Fed\u2019s beige book \u2013 this generally doesn\u2019t affect markets.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_181017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>My predictions for Tuesday rang true. The euro dropped to the 112<sup>th<\/sup>\u00a0degree before rebounding from it.<\/p>\n<p>At the time of writing, the euro is trading at 1.1761. At the moment, we have the following picture. The rate corrected to 1.1781. From here, selling recommenced. The price missed the LB balance line by 5 pips. It also missed the balance line on the 16<sup>th<\/sup>\u00a0of October.<\/p><div id=\"inves-212048332\" 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 technical situation is unclear as different timeframes contradict each other. The H3 and H4 timeframes indicate a weakening euro, while the H6 and H8 timeframes are signaling that the upwards correction is set to continue. Cycles on the hourly timeframe suggest the euro will continue growing until the weekend. If this happens, the euro\u2019s growth won\u2019t fit into the head and shoulders model.<\/p>\n<p>In my forecast, I\u2019m expecting a new low to be reached at 1.1730 based on historical patterns on days of the week. Given that different timeframes contradict each other, on Wednesday, I\u2019m not expecting a particularly sharp drop on the euro. In theory, in order for the rate to move towards 1.1670, it should first consolidate below the balance line (1.1780) by Thursday. There\u2019s no way the price will exit the A-A channel.<\/p>\n<p>I think that it\u2019s too risky to trade on the euro\/dollar pair today. Better to spend the day on the sidelines. I\u2019d advise those with short positions to stick to their trading plan.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: today\u2019s situation is 50\/50<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 17th\u00a0of October, the US dollar continued its growth against the majors. In the US session, the euro dropped to 1.1736. Market participants share the opinion that the dollar\u2019s rise in the first half of the day was down to talk that John Taylor, an advocate of tight [&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-114953","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114953","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=114953"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114953\/revisions"}],"predecessor-version":[{"id":114954,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/114953\/revisions\/114954"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=114953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=114953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=114953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}