{"id":116960,"date":"2017-11-22T07:40:11","date_gmt":"2017-11-22T12:40:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=116960"},"modified":"2018-06-01T15:49:08","modified_gmt":"2018-06-01T15:49:08","slug":"eurusd-rebound-from-the-lb-balance-line-likely","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-rebound-from-the-lb-balance-line-likely\/","title":{"rendered":"EURUSD: rebound from the LB balance line likely"},"content":{"rendered":"<div id=\"inves-914148790\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 22, 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 Wednesday the 21<sup>st<\/sup>\u00a0of November, trading on the euro\/dollar pair closed slightly up (+6 pips). In Europe, the euro dropped against the dollar to 1.1713. By the end of the day, the price had recovered to 1.1752. A decline in US bond yields weakened the dollar across the board, giving euro bulls a boost. The price has stabilised around the 1.1740 mark just below the balance line.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>15:30 UK: Autumn forecast statement.<\/li>\n<li>16:30 USA: initial jobless claims (17 Nov), durable goods orders (Oct).<\/li>\n<li>18:00 Eurozone: consumer confidence (Nov).<\/li>\n<li>18:00 USA: Michigan consumer sentiment index (Nov).<\/li>\n<li>18:30 USA: EIA crude oil stocks change (17 Nov).<\/li>\n<li>21:00 USA: Baker Hughes US oil rig count.<\/li>\n<li>22:00 USA: FOMC minutes.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_221117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Sellers twice tried to break down the 90<sup>th<\/sup>\u00a0degree on Tuesday, going against the market with the support of the crosses, but their efforts came to nothing. The dollar\u2019s universal decline pushed the euro back up. The price is currently consolidating beneath the LB balance line at 1.1740. Traders are buying the euro against the Aussie dollar and selling against the other majors.<\/p>\n<p>Although yesterday\u2019s intraday pricing model was slightly more in favour of buyers, my forecast hasn\u2019t changed. The MA lines are looking downwards. I\u2019m expecting to see a rebound from the LB and a decline for the euro against the dollar to 1.1674. I think this decline will still play out even if quotes rise again to the upper boundary of the A-A channel (1.1767) before dropping. Political uncertainty in Germany should restrict buyers as long as there aren\u2019t any positive developments on this front.<\/p><div id=\"inves-1105092387\" 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 key event is the FOMC minutes. The US will celebrate Thanksgiving on Thursday. A lot of Americans will take Wednesday and Friday off as well, so trader activity is expected to decline as the week progresses. This means that volumes will be lower, which could lead to short-term surges in volatility.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: rebound from the LB balance line likely<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Wednesday the 21st\u00a0of November, trading on the euro\/dollar pair closed slightly up (+6 pips). In Europe, the euro dropped against the dollar to 1.1713. By the end of the day, the price had recovered to 1.1752. A decline in US bond yields weakened the dollar across the board, giving [&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-116960","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116960","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=116960"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116960\/revisions"}],"predecessor-version":[{"id":116962,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116960\/revisions\/116962"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}