{"id":117039,"date":"2017-11-24T07:55:49","date_gmt":"2017-11-24T12:55:49","guid":{"rendered":"http:\/\/countingpips.com\/?p=117039"},"modified":"2018-06-01T15:49:07","modified_gmt":"2018-06-01T15:49:07","slug":"eurusd-price-caught-at-the-112th-degree","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eurusd-price-caught-at-the-112th-degree\/","title":{"rendered":"EURUSD: price caught at the 112th degree"},"content":{"rendered":"<div id=\"inves-3630493227\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 24, 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 23<sup>rd<\/sup>\u00a0of November, the US dollar index hit a monthly low of 93.07. Accordingly, trading on the euro\/dollar pair closed up. Given the euro\u2019s 57.6% weighting on the DXY, the EURUSD pair practically mirrors the index\u2019s movements. The single currency was boosted by European data (German GDP and Eurozone business activity), as well as the US dollar\u2019s weakness.<\/p>\n<p>During the European session, the euro jumped to 1.1856. Since the US was celebrating Thanksgiving and exchanges were closed across the country, the euro spent the rest of the day at 1.1850 due to low trading activity.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:15 Switzerland: industrial production (Q3).<\/li>\n<li>12:00 Germany: IFO \u2013 business climate (Nov), IFO \u2013 current assessment (Nov), IFO \u2013 expectations (Nov).<\/li>\n<li>12:30 UK: BBA mortgage approvals (Oct).<\/li>\n<li>15:30 Eurozone: ECB Vice President Vitor Constancio\u2019s speech.<\/li>\n<li>17:45 USA: Markit manufacturing PMI (Nov), Markit services PMI (Nov).<\/li>\n<li>21:15 Eurozone: ECB&#8217;s C\u0153ur\u00e9 Speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/11\/eur_241117.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>Yesterday, I was expecting the euro to rise to the 112<sup>th<\/sup>\u00a0degree with a subsequent retreat to the lower boundary of the B-B channel in the US session. The 112<sup>th<\/sup>\u00a0degree stopped buyers in their tracks, but there was no drop to follow. In such a thin market, the pair consolidated within a narrow range around the 1.1850 mark until the session closed.<\/p><div id=\"inves-1808452302\" 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>On Friday, during the Asian session, the euro dropped to the lower boundary of the B-B channel, although since yesterday, this line has moved up from 1.1824 to 1.1837. Now, I\u2019ve decided not to make a forecast given the contradictory situation on the pair. The euro continues to get support from the crosses, so it, along with the Aussie dollar, is trading up against the US dollar, while the other majors are trading down.<\/p>\n<p>Buyers have gained a foothold at the 1.1861 resistance, which is formed from the 15<sup>th<\/sup>\u00a0of November\u2019s high. Given that the US trading day will be shorter than usual and that trading activity is set to remain at low levels, I reckon we\u2019ll see a breakout of the B-B channel today. For me, the ideal situation would be a return to the LB balance line at 1.1818. Hourly cycles show the euro dropping over the next two days. The only thing propping up the euro is the crosses, and when they start to see a downwards correction, the euro will follow suit.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: price caught at the 112th degree<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 23rd\u00a0of November, the US dollar index hit a monthly low of 93.07. Accordingly, trading on the euro\/dollar pair closed up. Given the euro\u2019s 57.6% weighting on the DXY, the EURUSD pair practically mirrors the index\u2019s movements. The single currency was boosted by European data (German GDP and [&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-117039","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117039","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=117039"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117039\/revisions"}],"predecessor-version":[{"id":117041,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117039\/revisions\/117041"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}