{"id":116159,"date":"2017-11-08T06:45:27","date_gmt":"2017-11-08T11:45:27","guid":{"rendered":"http:\/\/countingpips.com\/?p=116159"},"modified":"2018-06-01T15:53:27","modified_gmt":"2018-06-01T15:53:27","slug":"eurusd-rebounds-paint-an-unclear-picture","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-rebounds-paint-an-unclear-picture\/","title":{"rendered":"EURUSD: rebounds paint an unclear picture"},"content":{"rendered":"<div id=\"inves-3343445205\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 8, 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 Tuesday the 7<sup>th<\/sup>\u00a0of November, trading on the euro\/dollar pair closed slightly down (-19 pips). In Europe, the euro dropped to 1.1554 as the US dollar rose across the board. The head and shoulders model looks to be continuing its formation and a sharp reversal looks on the cards. This kind of behavior can be compared to when, after a run, you try to catch your breath and get punched in the stomach. It messes with your breathing so much that you don\u2019t want to run anymore. Declines along with sharp rebounds are good for intraday traders who are working within a limited range, but annoying for trend followers.<\/p>\n<p>The euro then restored from 1.1554 to 1.1590, and in Asia, rose further to 1.1606. The dollar\u2019s decline has been linked to a report by the Washington Post that Republican senators are considering delaying a major part of the tax reform program by a year.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>08:00 China: trade balance (Oct).<\/li>\n<li>08:00 Japan: coincident index (Sep), leading economic index (Sep).<\/li>\n<li>10:45 France: trade balance (Sep).<\/li>\n<li>16:15 Canada: housing starts (Oct).<\/li>\n<li>16:30 Canada: building permits (Sep).<\/li>\n<li>18:30 USA: EIA crude oil stocks change (3 Nov).<\/li>\n<li>23:00 New Zealand: RBNZ interest rate decision, RBNZ rate statement, monetary policy statement.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_081117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>When I wrote Tuesday\u2019s review, the euro was trading at 1.1605. In Asia, it dropped to 1.1598. The Asian maximum is at 1.1606. The dollar dropped against the yen and other currencies after some harsh comments from President Trump directed at North Korea, warning them to stop threatening the USA.<\/p><div id=\"inves-2461980578\" 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>The price still met with the LB balance line, but I don\u2019t really like the current situation in terms of selling. Although the price rebounded from this and dropped to 1.1588, I have no desire to sell euros. First of all, the trend line from the 1.1693 high has been broken through. Secondly, the upper boundary of the channel has also been broken through, which is formed from subsequent lows. I\u2019ve marked the breakouts with dots on the chart.<\/p>\n<p>Buyers have managed to completely recover their losses. Because of this, I want to watch the market from the sidelines today so I can decide which camp to join.<\/p>\n<p>My forecast expects the euro to rise to the trend line with a target of 1.1620 and then close around 1.1595. The trend line runs through the highs 1.1837 and 1.1692. A bullish divergence has formed between the price and the AO on both the 6H and 8H timeframes.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: rebounds paint an unclear picture<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 7th\u00a0of November, trading on the euro\/dollar pair closed slightly down (-19 pips). In Europe, the euro dropped to 1.1554 as the US dollar rose across the board. The head and shoulders model looks to be continuing its formation and a sharp reversal looks on the cards. 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-116159","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116159","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=116159"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116159\/revisions"}],"predecessor-version":[{"id":116160,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116159\/revisions\/116160"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116159"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}