{"id":115248,"date":"2017-10-23T07:45:31","date_gmt":"2017-10-23T11:45:31","guid":{"rendered":"http:\/\/countingpips.com\/?p=115248"},"modified":"2018-06-01T15:55:29","modified_gmt":"2018-06-01T15:55:29","slug":"eurusd-correction-expected-via-a-new-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-correction-expected-via-a-new-low\/","title":{"rendered":"EURUSD: correction expected via a new low"},"content":{"rendered":"<div id=\"inves-2875442136\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 23, 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 Friday the 20<sup>th<\/sup>\u00a0of October, trading on the euro\/dollar pair closed down. The dollar launched on attack on all fronts following the news that the US Senate had approved the 2018 budget. The single currency came under added pressure from the uncertainty surrounding Catalonia as well as a slide on the euro\/pound cross.<\/p>\n<p>The pound was given a boost against the euro following the announcement from European Council president Donald Tusk that the EU heads of state had approved preparations for the second stage of Brexit negotiations.<\/p>\n<p>In the US session, the euro dropped to 1.1763. During Monday\u2019s Asian session, sellers shifted the minimum to 1.1751.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>24h New Zealand \u2013 Labour Day;<\/li>\n<li>08:00 Japan: leading economic index (Aug), coincident index (Aug);<\/li>\n<li>10:00 Eurozone: ECB\u2019s Praet speech;<\/li>\n<li>13:00 Germany: German Buba monthly report;<\/li>\n<li>13:00 UK: CBI industrial trends survey (Oct);<\/li>\n<li>15:30 Canada: wholesale sales (Aug);<\/li>\n<li>15:30 USA: Chicago Fed national activity index (Sep);<\/li>\n<li>17:00 Eurozone: consumer confidence (Oct).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_231017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-248460542\" 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>Friday\u2019s expectations of a drop on the euro to the 67<sup>th<\/sup>\u00a0degree came off in full. On Monday, during trading in Asia, the rate dropped to 1.1751. The price\u2019s slide stopped at around the 90<sup>th<\/sup>\u00a0degree. 1.1722 marks a potential reversal level.<\/p>\n<p>Considering that on Friday, the euro fell against the dollar all day, I\u2019m expecting Monday\u2019s candlestick to close up. The Catalonian crisis may deter traders from buying the euro. The Catalonian parliament is expected to announce a meeting date on which to issue a formal declaration of independence.<\/p>\n<p>Since the Stochastic is up, and there aren\u2019t any bullish divergences on the AO (with volume), today\u2019s forecast expects a renewal of the Asian low at 1.1738. If you read the\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/trading_ideas\/22556_23102017\/\">idea on the euro\/pound<\/a>\u00a0cross, you\u2019ll see that the euro could remain under pressure until the end of November this year.<\/p>\n<p>A flat below 1.1785 would be good for sellers. In order for buyers to bring more bulls into the game, they need to push the price up higher than 1.1823 today. Could this happen on Monday? Yes, it could. Keep an eye on the news in Spain. If Catalonia doesn\u2019t declare independence, the euro will rise across the board.<\/p>\n<p>At the moment, the euro is trading up against just the yen. The yen reacted to Japanese Prime Minister Shinzo Abe\u2019s election victory with a drop.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: correction expected via a new low<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday the 20th\u00a0of October, trading on the euro\/dollar pair closed down. The dollar launched on attack on all fronts following the news that the US Senate had approved the 2018 budget. The single currency came under added pressure from the uncertainty surrounding Catalonia as well as a slide on [&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-115248","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115248","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=115248"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115248\/revisions"}],"predecessor-version":[{"id":115249,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115248\/revisions\/115249"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}