{"id":116271,"date":"2017-11-10T06:44:30","date_gmt":"2017-11-10T11:44:30","guid":{"rendered":"http:\/\/countingpips.com\/?p=116271"},"modified":"2018-06-01T15:53:26","modified_gmt":"2018-06-01T15:53:26","slug":"eurusd-trading-to-close-at-around-1-1620","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-trading-to-close-at-around-1-1620\/","title":{"rendered":"EURUSD: trading to close at around 1.1620"},"content":{"rendered":"<div id=\"inves-755337201\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 10, 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 9<sup>th<\/sup>\u00a0of November, trading on the euro\/dollar pair closed up. The trend line was broken through as I expected. After breaking the resistance zone around 1.1606, the euro jumped to 1.1655. The US dollar came under pressure from the fact that the new tax reform legislation proposed by the Senate includes deferring a corporate tax break until 2019.<\/p>\n<p>The House Ways and Means Committee of the House of Representatives approved the tax bill. Now it will be put to the House floor for discussion. Both houses of Congress will have to agree on a final version before it gets sent to the president to be signed into law.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>12:30 UK: industrial production (Sep), manufacturing production (Sep), trade balance (Sep).<\/li>\n<li>18:00 USA: Michigan consumer sentiment index (Nov).<\/li>\n<li>21:00 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_101117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The 45<sup>th<\/sup>\u00a0and 67<sup>th<\/sup>\u00a0degree were broken through on Thursday. Closer to closing time, during trading in Chicago, the price jumped to 1.1655. I reckon that we should make one more high, after which we can consider shorting the euro. We can forget about the head and shoulders pattern as there is no corresponding wave structure.<\/p><div id=\"inves-2368712237\" 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 have the A-A channel. I formed it by connecting the minima 1.1675 (27\/10\/17) and 1.1554 (07\/11\/17), and imposed a parallel line running through the maximum 1.1690 (03\/11\/17). The upper boundary runs through 1.1675. I think that if the price doesn\u2019t reach this level, we\u2019ll get a reversal.<\/p>\n<p>Since trading volume has been low over the last 12 hours, the price could dip to 1.1635 before reaching a new high. Since this Friday is relatively devoid of news releases, I\u2019m expecting trading on the euro\/dollar pair to close around the trend line at 1.1620.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: trading to close at around 1.1620<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 9th\u00a0of November, trading on the euro\/dollar pair closed up. The trend line was broken through as I expected. After breaking the resistance zone around 1.1606, the euro jumped to 1.1655. The US dollar came under pressure from the fact that the new tax reform legislation proposed by [&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-116271","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116271","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=116271"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116271\/revisions"}],"predecessor-version":[{"id":116272,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116271\/revisions\/116272"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}