{"id":117646,"date":"2017-12-05T07:43:44","date_gmt":"2017-12-05T12:43:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=117646"},"modified":"2018-06-01T15:48:29","modified_gmt":"2018-06-01T15:48:29","slug":"eurusd-triangle-beginning-to-take-shape","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/12\/eurusd-triangle-beginning-to-take-shape\/","title":{"rendered":"EURUSD: triangle beginning to take shape"},"content":{"rendered":"<div id=\"inves-2231746952\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 5, 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 Monday the 4<sup>th<\/sup>\u00a0of December, trading on the euro\/dollar pair closed down. The euro and the pound spent the day under the influence of political factors. Volatility was high on pairs including the pound.<\/p>\n<p>After dropping during the morning hours, the pound surged 100 pips against the dollar after reports of a breakthrough in Brexit negotiations concerning the UK\u2019s terms of exit from the EU. Accordingly, the euro came under pressure from this against the dollar via the euro\/pound cross.<\/p>\n<p>The pound then shed 120 pips against the dollar following a statement from European Commission President Jean-Claude Juncker. He said that they hadn\u2019t managed to reach a final agreement with the UK and that they would try to address all issues in time for the EU leaders\u2019 summit in mid-December. After this speech, the euro recovered from a low of 1.1829 to reach 1.1870 during today\u2019s Asian session.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:15 Spain: Markit services PMI (Nov).<\/li>\n<li>11:45 Italy: Markit services PMI (Nov).<\/li>\n<li>11:50 France: Markit services PMI (Nov).<\/li>\n<li>11:55 Germany: Markit services PMI (Nov).<\/li>\n<li>12:00 Eurozone: Markit services PMI (Nov).<\/li>\n<li>12:30 UK: Markit services PMI (Nov).<\/li>\n<li>13:00 Eurozone: retail sales (Oct).<\/li>\n<li>16:30 Canada: trade balance (Oct).<\/li>\n<li>16:30 USA: trade balance (Oct).<\/li>\n<li>17:45 USA: Markit services PMI (Nov).<\/li>\n<li>18:00 USA: ISM non-manufacturing PMI (Nov).<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/Analytics\/2017\/12\/eur_051217.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p><div id=\"inves-904656456\" 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>Yesterday\u2019s predictions came off in full. The euro dropped from the trend line and has now returned to the balance line (sma 55). This didn\u2019t work out perfectly due to the volatility caused by political factors.<\/p>\n<p>In Asia, the dollar is trading up against the pound (+0.07%) and the yen (+0.20%). On the crosses, the euro is trading down against the loonie (-0.01%) and Aussie (-0.64%). The main cross, the euro\/pound, has appreciated by 0.13% to 0.8812. The price has broken out of the A-A channel. Sellers made it to the trend line, but prices closed above it, meaning the breakout wasn\u2019t confirmed.<\/p>\n<p>Considering the factors mentioned above, my forecast for Tuesday has the euro rising against the dollar to 1.1911\/27. A breakout of 1.1940 will cancel the triangle formation and open the way towards 1.2090. This scenario won\u2019t play out if the hourly candlestick closes below 1.1835.<\/p>\n<p>Remember that the dollar is currently being propped up by the US Senate\u2019s approval of the tax reform bill as well as the upcoming FOMC meeting.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: triangle beginning to take shape<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 4th\u00a0of December, trading on the euro\/dollar pair closed down. The euro and the pound spent the day under the influence of political factors. Volatility was high on pairs including the pound. After dropping during the morning hours, the pound surged 100 pips against the dollar after reports [&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-117646","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117646","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=117646"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117646\/revisions"}],"predecessor-version":[{"id":117650,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117646\/revisions\/117650"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}