{"id":115879,"date":"2017-11-03T07:24:34","date_gmt":"2017-11-03T11:24:34","guid":{"rendered":"http:\/\/countingpips.com\/?p=115879"},"modified":"2018-06-01T15:53:31","modified_gmt":"2018-06-01T15:53:31","slug":"eurusd-price-consolidating-as-nfp-looms","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-price-consolidating-as-nfp-looms\/","title":{"rendered":"EURUSD: price consolidating as NFP looms"},"content":{"rendered":"<div id=\"inves-1294622628\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 3, 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 Thursday the 2<sup>nd<\/sup>\u00a0of November, trading on the euro\/dollar pair closed up. Euro bulls got some unexpected support as sellers shorted the pound following the Bank of England\u2019s meeting. The pound shed 163 pips against the euro to reach 0.8939, while dropping 227 pips against the US dollar to hit 1.3043. The euro rose against the dollar to 1.1687, returning to around 1.1658 by the end of the day.<\/p>\n<p>Neither the details of the planned tax reform legislation nor Janet Yellen\u2019s successor being named brought much optimism to the market. President Trump has nominated Jerome Powell to head the Federal Reserve. Markets were expecting this so the reaction was muted.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>12:30 UK: Markit services PMI (Oct) \u2013 (forecast: 53.3%, previous: 53.6%).<\/li>\n<li>15:30 Canada: net change in unemployment (Oct), unemployment rate (Oct), trade balance (Sep).<\/li>\n<li>15:30 USA: trade balance (Sep), unemployment rate (Oct), nonfarm payrolls (Oct), average hourly earnings (Oct), workforce participation rate (Oct).<\/li>\n<li>17:45 USA: Markit services PMI (Oct).<\/li>\n<li>18:00 USA: ISM non-manufacturing index (Oct), factory orders (Sep).<\/li>\n<li>19:15 USA: FOMC member Kashkari\u2019s speech.<\/li>\n<li>20:00 USA: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_031117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Thursday was volatile for the single currency. Buyers met with resistance at the 67<sup>th<\/sup>\u00a0degree during the US session. The price is still trading inside an upwards channel with a 72-pip range.<\/p><div id=\"inves-718902437\" 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>We can expect similar volatility in today\u2019s US session once the NFP report comes out. I don\u2019t make forecasts on payrolls day, so there\u2019s no projection on the graph.<\/p>\n<p>The price is currently trading 23 pips away from the LB balance line. I think that the price will have returned to this line by the time the NFP report comes out. The euro has closed below 1.1600 for the last few days. The head and shoulders model on the daily timeframe and the targets relating to it are still in play.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: price consolidating as NFP looms<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 2nd\u00a0of November, trading on the euro\/dollar pair closed up. Euro bulls got some unexpected support as sellers shorted the pound following the Bank of England\u2019s meeting. The pound shed 163 pips against the euro to reach 0.8939, while dropping 227 pips against the US dollar to hit [&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-115879","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115879","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=115879"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115879\/revisions"}],"predecessor-version":[{"id":115880,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115879\/revisions\/115880"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}