{"id":115318,"date":"2017-10-24T07:32:05","date_gmt":"2017-10-24T11:32:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=115318"},"modified":"2018-06-01T15:55:27","modified_gmt":"2018-06-01T15:55:27","slug":"eurusd-correction-to-1-1800-in-the-works","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-correction-to-1-1800-in-the-works\/","title":{"rendered":"EURUSD: correction to 1.1800 in the works"},"content":{"rendered":"<div id=\"inves-1902699693\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 24, 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 23<sup>rd<\/sup>\u00a0of October, trading on the euro\/dollar pair closed down. The rate dropped to 1.1725 during trading in Chicago. The euro fell on the back of a rising dollar and the Catalonian crisis.<\/p>\n<p>The main driver for the dollar was the optimism surrounding tax reform in the US as well as Donald Trump\u2019s announcement that he will soon nominate a candidate to head the Federal Reserve.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 France: Markit services PMI (Oct), Markit manufacturing PMI (Oct);<\/li>\n<li>10:30 Germany: Markit services PMI (Oct), Markit manufacturing PMI (Oct);<\/li>\n<li>11:00 Eurozone: Markit services PMI (Oct), Markit manufacturing PMI (Oct);<\/li>\n<li>16:45 USA: Markit services PMI (Oct), Markit manufacturing PMI (Oct);<\/li>\n<li>17:00 USA: Richmond Fed manufacturing index (Oct);<\/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\/Analytics\/2017\/10\/eur_241017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>My predictions for yesterday came off in full. Sellers\u2019 last visit to 1.1725 was one too many as now a bullish divergence has formed between the price and the AO. This is a buy signal for the euro and who knows from which level renewed sales will start.<\/p><div id=\"inves-1602386301\" 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>There\u2019s some more noise on the hourly timeframe, where traders are awaiting the results of the ECB meeting and Mario Draghi\u2019s press conference (Thursday), as well as further developments from Madrid and Catalonia. Carles Puigdemont is set to speak in the Catalonian parliament today and offer a response to Madrid.<\/p>\n<p>Since the hourly stochastic oscillator is up, my forecast has the euro dropping against the dollar to 1.1745 followed by a jump to 1.1880.<\/p>\n<p>On the crosses, the euro is trading up against the dollar, franc, yen, Aussie, and Kiwi. This means that buyers have some pretty good support from them, who will most likely continue to buy during declines based on indicators on larger timeframes (4H, 6H, 8H). On the chart above, the stochastic is signaling the euro to rise for the rest of the trading session. The lower the price falls from Europe\u2019s open, the lower the target will be for the US session.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: correction to 1.1800 in the works<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 23rd\u00a0of October, trading on the euro\/dollar pair closed down. The rate dropped to 1.1725 during trading in Chicago. The euro fell on the back of a rising dollar and the Catalonian crisis. The main driver for the dollar was the optimism surrounding tax reform in the US [&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-115318","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115318","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=115318"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115318\/revisions"}],"predecessor-version":[{"id":115319,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115318\/revisions\/115319"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}