{"id":116097,"date":"2017-11-07T07:15:43","date_gmt":"2017-11-07T12:15:43","guid":{"rendered":"http:\/\/countingpips.com\/?p=116097"},"modified":"2018-06-01T15:53:28","modified_gmt":"2018-06-01T15:53:28","slug":"eurusd-correction-to-1-1640-still-on-the-cards","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-correction-to-1-1640-still-on-the-cards\/","title":{"rendered":"EURUSD: correction to 1.1640 still on the cards"},"content":{"rendered":"<div id=\"inves-3240646071\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 7, 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 6<sup>th<\/sup>\u00a0of November, the euro\/dollar pair closed just 2 pips away from Friday\u2019s closing price, leaving a long tail on the daily candlestick that reaches down to 1.1580. During the European session, the euro dropped to 1.1580. The main forces behind this were BoE governor Mark Carney\u2019s speech and a drop for US bond yields and crosses involving the euro.<\/p>\n<p>In the US session, the pair recovered from 1.1580 to 1.1616 (+36 pips) in the space of 3 hours. This rebound may have been caused by New York Fed chief William Dudley\u2019s announcement that he will step down from his post in mid-2018. CME Group\u2019s FedWatch tool puts the likelihood of an interest rate hike in December at 97%.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 Germany: industrial production (Sep).<\/li>\n<li>11:00 Switzerland: foreign currency reserves (Sep).<\/li>\n<li>11:30 UK: Halifax house prices (Oct).<\/li>\n<li>12:00 Eurozone: ECB president Mario Draghi\u2019s speech.<\/li>\n<li>13:00 Eurozone: retail sales (Sep).<\/li>\n<li>17:30 Eurozone: ECB governing council member Lautenschl\u00e4ger\u2019s speech.<\/li>\n<li>18:00 USA: JOLTS job openings (Sep).<\/li>\n<li>20:35 USA: FOMC member Randall Quarles\u2019 speech.<\/li>\n<li>20:55 Canada: BoC governor Poloz\u2019 speech.<\/li>\n<li>22:30 USA: Fed chair Janet Yellen\u2019s speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_071117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Buyers made several attempts to extend the upward correction to around 1.1635\/40. Due to the drop on the euro crosses, all of these attempts failed, so my predictions for Monday didn\u2019t come to fruition.<\/p><div id=\"inves-2006566043\" 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>Buyers didn\u2019t manage to push the price down all that far. They were held up by the 90<sup>th<\/sup>\u00a0degree at 1.1582. This rebound has created a hammer formation on the daily timeframe. The price is now consolidating below the resistance zone of 1.1616 \u2013 1.1620. After yesterday\u2019s failure to induce a decline, sellers have turned a bearish picture into a bullish one. I won\u2019t be surprised if we get a double base formation (with lows at 1.1575 and 1.1580) instead of a head and shoulders model. My forecast expects the euro to rise to the 45<sup>th<\/sup>\u00a0degree at 1.1634. At the moment, it\u2019s possible that the price could jump to 1.1640\/50.<\/p>\n<p>At 12:00 (GMT+3), ECB president Mario Draghi is set to speak. We shouldn\u2019t expect much of a reaction here. Draghi tends to only have a strong influence on the market during the press conferences that follow ECB meetings. If sellers manage to close the day below the LB balance line, then we can start considering 1.1570 as a target for Wednesday.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: correction to 1.1640 still on the cards<\/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 6th\u00a0of November, the euro\/dollar pair closed just 2 pips away from Friday\u2019s closing price, leaving a long tail on the daily candlestick that reaches down to 1.1580. During the European session, the euro dropped to 1.1580. The main forces behind this were BoE governor Mark Carney\u2019s speech [&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-116097","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116097","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=116097"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116097\/revisions"}],"predecessor-version":[{"id":116098,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116097\/revisions\/116098"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}