{"id":116328,"date":"2017-11-13T07:17:54","date_gmt":"2017-11-13T12:17:54","guid":{"rendered":"http:\/\/countingpips.com\/?p=116328"},"modified":"2018-06-01T15:53:25","modified_gmt":"2018-06-01T15:53:25","slug":"eurusd-return-to-the-45th-degree-expected","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-return-to-the-45th-degree-expected\/","title":{"rendered":"EURUSD: return to the 45th degree expected"},"content":{"rendered":"<div id=\"inves-2580519135\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 13, 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 Friday the 10<sup>th<\/sup>\u00a0of November, trading on the euro\/dollar pair closed slightly up. The US dollar showed some mixed dynamics against the majors before the weekend. It dropped against the pound and euro while rising against the rest.<\/p>\n<p>The dollar came under pressure due to uncertainty over the US\u2019s tax reform program. It received support, however, from growth in US 10Y bond yields. On Friday, the rate closed at 1.1663, with an intraday high of 1.1678 and a low of 1.1623.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>12:00 Eurozone: ECB Vice President Vitor Constancio speech.<\/li>\n<li>20:45 Japan: BoJ governor Kuroda speech.<\/li>\n<li>22:00 USA: monthly budget statement (Oct).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_131117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>The euro opened down in Asia today. It dragged the pound down with it, which has lost 0.5% over fears that British Prime Minister Theresa May could resign. The Sunday Times reported yesterday that there are 40 Conservative MPs ready to sign a letter of no confidence in their leader. Many of them hold her personally responsible for the ongoing deadlock in Brexit negotiations.<\/p><div id=\"inves-3671984749\" 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>Today\u2019s economic calendar is empty, so traders will be focusing on US tax reform, Theresa May, US 10Y bond yields, and stock indices. The euro is a funding currency, so if global stock indices drop, the euro will strengthen significantly.<\/p>\n<p>At the time of writing, the euro is trading at 1.1660. In my forecast, I expect the euro to drop to the 45<sup>th<\/sup>degree at 1.1624. The more aggressive sellers are, the higher the likelihood of the price dropping below 1.1580 by the middle of the week. If, this Monday, we see the pair consolidate at around 1.1655 within a range of 30 \u2013 40 pips, we should prepare for a breakout of the upper boundary of the A-A channel.<\/p>\n<p>As far as I\u2019m concerned, the head and shoulders model on the daily timeframe has failed, so I won\u2019t be looking at it any more. The uncertainty over tax reform has changed sentiment towards the dollar.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: return to the 45th degree expected<\/a>&#8220;<\/div>\n<div><\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday the 10th\u00a0of November, trading on the euro\/dollar pair closed slightly up. The US dollar showed some mixed dynamics against the majors before the weekend. It dropped against the pound and euro while rising against the rest. The dollar came under pressure due to uncertainty over the US\u2019s tax [&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-116328","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116328","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=116328"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116328\/revisions"}],"predecessor-version":[{"id":116329,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116328\/revisions\/116329"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}