{"id":122410,"date":"2018-03-01T07:15:29","date_gmt":"2018-03-01T12:15:29","guid":{"rendered":"http:\/\/countingpips.com\/?p=122410"},"modified":"2018-06-01T15:42:18","modified_gmt":"2018-06-01T15:42:18","slug":"eurusd-single-currency-still-under-pressure","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/eurusd-single-currency-still-under-pressure\/","title":{"rendered":"EURUSD: single currency still under pressure"},"content":{"rendered":"<div id=\"inves-2596068428\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 1, 2018<\/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>On Wednesday the 28<sup>th<\/sup>\u00a0of February, trading on the euro closed down. Including during today\u2019s Asian session, the single currency has dropped to 1.2184. As the dollar was rising across board, the euro\u2019s drop could have been more intense. It was saved by the euro\/pound cross, which posted a 1% gain to reach 0.8869.<\/p>\n<p>The pound came under pressure after a draft proposal on Britain\u2019s withdrawal from the EU was published. The document has revealed deep rifts between the two sides and shows how far they are from reaching a final agreement. This could lead to even tougher terms of exit.<\/p>\n<p>Aside from the dollar\u2019s gains on all fronts, the euro also came under pressure from reduced Eurozone inflation as well as the upcoming parliamentary elections in Italy, which will be held on Sunday.<\/p>\n<p><strong><em>US data:<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Pending home sales (Jan): -4.7% (forecast: +0.4%, previous reading revised from 0.5% to 0.0%).<\/li>\n<li>Chicago PMI (Feb): 61.9 (forecast: 64.2, previous: 56.7).<\/li>\n<li>GDP (Q4): +2.5% (forecast: +2.5%, prelim reading: +2.6%).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:45 Switzerland: GDP (Q4).<\/li>\n<li>11:15 Switzerland: retail sales (Jan).<\/li>\n<li>11:50 France: Markit manufacturing PMI (Feb).<\/li>\n<li>11:55 Germany: Markit manufacturing PMI (Feb).<\/li>\n<li>12:00 Eurozone: Markit manufacturing PMI (Feb).<\/li>\n<li>12:30 UK: Markit manufacturing PMI (Feb), net lending to individuals (Jan), mortgage approvals (Jan), consumer credit (Jan).<\/li>\n<li>13:00 Eurozone: unemployment rate (Jan).<\/li>\n<li>16:30 Canada: current account (Q4), Markit manufacturing PMI (Feb).<\/li>\n<li>16:30 USA: personal consumption expenditure \u2013 price index (Jan), personal income (Jan), personal spending (Jan), initial jobless claims (23 Feb).<\/li>\n<li>17:45 USA: Markit manufacturing PMI (Feb).<\/li>\n<li>18:00 ISM manufacturing PMI (Feb), construction spending (Jan), Fed\u2019s Powell speech.<\/li>\n<li>19:00 USA: Fed\u2019s Dudley speech.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/eur_010318_5a97b0555db0a.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p><div id=\"inves-730939284\" 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>I correctly predicted that the euro would retreat to the 135<sup>th<\/sup>\u00a0degree yesterday. It missed my target of 1.2181 by 3 pips. Today, I think the rate will drop significantly lower than this.<\/p>\n<p>At the moment, the euro crosses are providing support to buyers in Asia. The EURGBP pair is on the verge of a drop. The downwards correction has brought it to 0.8823. I think it highly unlikely that buyers will manage to hold onto 0.8870. Also, considering that the dollar is trading up against the majors in Asia, a drop on the cross would push the EURUSD pair down to the 157<sup>th<\/sup>\u00a0degree at 1.2154.<\/p>\n<p>Today will be full of news, so price fluctuations could vary from my forecast. Jerome Powell\u2019s speech is scheduled for 18:00 (GMT+3).<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: single currency still under pressure<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari On Wednesday the 28th\u00a0of February, trading on the euro closed down. Including during today\u2019s Asian session, the single currency has dropped to 1.2184. As the dollar was rising across board, the euro\u2019s drop could have been more intense. It was saved by the euro\/pound cross, which posted a 1% gain to [&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-122410","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122410","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=122410"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122410\/revisions"}],"predecessor-version":[{"id":122411,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122410\/revisions\/122411"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=122410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=122410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=122410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}