{"id":115007,"date":"2017-10-19T07:20:17","date_gmt":"2017-10-19T11:20:17","guid":{"rendered":"http:\/\/countingpips.com\/?p=115007"},"modified":"2018-06-01T15:55:31","modified_gmt":"2018-06-01T15:55:31","slug":"eurusd-rate-expected-to-fall-by-the-end-of-the-day","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-rate-expected-to-fall-by-the-end-of-the-day\/","title":{"rendered":"EURUSD: rate expected to fall by the end of the day"},"content":{"rendered":"<div id=\"inves-3943241061\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 19, 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 18<sup>th<\/sup>\u00a0of October, trading on the euro\/dollar pair closed up. After hitting a new weekly low, the price mounted a recovery to 1.1817 that extended into the Asian session. I can\u2019t see any fundamental factors that would have caused the euro\u2019s 87-pip rally. I reckon the price underwent a correction on the longer timeframes.<\/p>\n<p>Newswires are reporting that the euro\u2019s rally was the result of expectations that at this month\u2019s ECB meeting, Mario Draghi will announce a reduction in the regulator\u2019s asset purchasing program effective from January 2018. We could see the regulator reduce the volume of purchases, but extend the overall duration of the program. So, will this be good or bad for the euro? I think it best not to overthink this question. We should just play it as it comes.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>02:50 Japan: adjusted merchandise trade balance (Sep), foreign bond investment (13 Oct);<\/li>\n<li>03:30 Australia: unemployment change (Sep), unemployment rate (Sep), NAB business confidence (Q3);<\/li>\n<li>05:00 China \u2013 retail sales (Sep), industrial production (Sep), GDP (Q3);<\/li>\n<li>07:30 Japan: all industry activity index (Aug);<\/li>\n<li>09:00 Switzerland: trade balance (Sep);<\/li>\n<li>11:30 UK: retail sales (Sep);<\/li>\n<li>15:30 USA: initial jobless claims (13 Oct), Philly Fed manufacturing survey (Oct).<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_191017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The euro\/dollar rate ricocheted from 1.1730 to 1.1817. The surge gathered pace after a breakout of the A-A channel and the 1.1781 top. I wrote yesterday that the H6 and H8 timeframes suggested the euro would strengthen against the dollar, while the H3 and H4 timeframe suggested the opposite. In the end, the price went down, and then traders started opening long positions.<\/p><div id=\"inves-4021889269\" 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 67<sup>th<\/sup>\u00a0degree provided some resistance. Accounting for the upwards movement from 1.1730, I reckon that when the European session opens, buyers will try to push the price up to 1.1830 to induce a reversal.<\/p>\n<p>I\u2019ve got two 45<sup>th<\/sup>\u00a0degrees on my chart today. The first is at 1.1763 and the other at 1.1779. If the rate opens down in Europe without renewing the maximum, the target will remain at 1.1763. If the price follows this forecast, then after hitting a new high at 1.1830, the rate will slide to 1.1779.<\/p>\n<p>Yesterday\u2019s bounce has created some doubts over whether the head and shoulders formation on the daily timeframe will be realised. For it to complete its formation, sellers need to return to 1.1779 as quickly as possible.<\/p>\n<p>Today\u2019s biggest outlier is the Kiwi dollar (-0.81%). It could drag some of the other majors down with it, including the euro. US 10Y bond yields are growing, which is a positive for the US dollar. The situation on the euro\/pound cross is 50\/50. At the time of writing, the euro is trading up against all the majors.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: rate expected to fall by the end of the day<\/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 18th\u00a0of October, trading on the euro\/dollar pair closed up. After hitting a new weekly low, the price mounted a recovery to 1.1817 that extended into the Asian session. I can\u2019t see any fundamental factors that would have caused the euro\u2019s 87-pip rally. I reckon the price underwent [&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-115007","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115007","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=115007"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115007\/revisions"}],"predecessor-version":[{"id":115008,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115007\/revisions\/115008"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}