{"id":115431,"date":"2017-10-26T07:18:09","date_gmt":"2017-10-26T11:18:09","guid":{"rendered":"http:\/\/countingpips.com\/?p=115431"},"modified":"2018-06-01T15:53:38","modified_gmt":"2018-06-01T15:53:38","slug":"eurusd-the-price-has-returned-to-the-trend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/eurusd-the-price-has-returned-to-the-trend-line\/","title":{"rendered":"EURUSD: the price has returned to the trend line"},"content":{"rendered":"<div id=\"inves-2375756613\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 26, 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 25<sup>th<\/sup>\u00a0of October, trading on the euro\/dollar pair closed up. Buyers were unfazed by positive US data and the drop on the euro\/pound cross. When the euro started correcting against the British pound and US 10Y bond yields started to drop, growth on our pair gathered pace. This surge petered out at around 1.1818.<\/p>\n<p>Demand for the single currency was consistent throughout the day as investors await a decision from the European regulator on tapering its asset purchasing stimulus program.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Durable goods orders (Sep): 2.2% (forecast: 1.1%, previous: 1.7%).<\/li>\n<li>New home sales (Sep): 667,000 (forecast: 555,000, previous: 561,000).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: Gfk consumer confidence (Nov);<\/li>\n<li>10:45 Australia: RBA assist governor Debelle\u2019s speech;<\/li>\n<li>11:00 Eurozone: M3 money supply (Sep), private loans (Sep);<\/li>\n<li>13:00 UK: CBI distributed trades survey (Oct);<\/li>\n<li>14:45 Eurozone: ECB interest rate decision;<\/li>\n<li>15:30 Eurozone: ECB monetary policy statement and press conference;<\/li>\n<li>15:30 USA: goods trade balance (Sep), initial jobless claims (20<sup>th<\/sup>\u00a0Oct);<\/li>\n<li>17:00 USA: pending home sales (Sep);<\/li>\n<li>17:30 USA: FOMC member Kashari\u2019s speech.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/10\/eur_261017.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p><div id=\"inves-1877867218\" 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>My predictions for yesterday failed to manifest. Drops on the euro\/pound cross, as well as on pairs involving the loonie and Aussie dollar, failed to push the euro down against the US dollar. Traders bought up euros before the ECB meeting, expecting that the QE program would be reversed. They\u2019re expecting the regulator to announce a reduction in their asset purchasing program from 60 to 40 billion EUR a month.<\/p>\n<p>In Asia, the dollar is falling across the board. The euro is moving upwards within the local A-A channel along its northern border. At the time of writing, the euro is trading at 1.1837. There\u2019s a resistance running through 1.1840. If today\u2019s session closes with the price above 1.1840, we can forget about a head and shoulders model forming on the daily timeframe.<\/p>\n<p>I don\u2019t make predictions for the euro\/dollar pair on days when ECB head Mario Draghi has a press conference. I have no idea where the euro will end up in relation to the dollar when the session closes. Because of this, there\u2019s nothing new on today\u2019s hourly chart. There are support levels at 1.1806 and 1.1779.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: the price has returned to the trend line<\/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 25th\u00a0of October, trading on the euro\/dollar pair closed up. Buyers were unfazed by positive US data and the drop on the euro\/pound cross. When the euro started correcting against the British pound and US 10Y bond yields started to drop, growth on our pair gathered pace. This [&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-115431","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115431","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=115431"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115431\/revisions"}],"predecessor-version":[{"id":115432,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115431\/revisions\/115432"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}