{"id":123401,"date":"2018-03-16T07:28:37","date_gmt":"2018-03-16T11:28:37","guid":{"rendered":"http:\/\/countingpips.com\/?p=123401"},"modified":"2018-06-01T15:42:14","modified_gmt":"2018-06-01T15:42:14","slug":"eurusd-drop-on-the-hourly-timeframe-still-incomplete","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/eurusd-drop-on-the-hourly-timeframe-still-incomplete\/","title":{"rendered":"EURUSD: drop on the hourly timeframe still incomplete"},"content":{"rendered":"<div id=\"inves-1025888895\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 16, 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>\n<div class=\"reviews-item__header\">\n<div class=\"reviews-item__info s_float_l\">\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews-item__content\">\n<p><strong>Previous:<\/strong><\/p>\n<p>On Thursday the 16<sup>th<\/sup>\u00a0of March, trading on the euro closed down. The US dollar yesterday made gains against all the majors. Demand for it increased after the publication of US economic data.<\/p>\n<p>The US posted a rise in import prices, a decline in initial jobless claims, and a significantly higher-than-expected value on the Fed\u2019s NY Empire State manufacturing index.<\/p>\n<p>Markets expect that the FOMC will raise interest rates by 0.25% next week. US10Y bond yields are currently trading at 2.83%. The end of yesterday\u2019s session was met with the news that special prosecutor Robert Muller has subpoenaed Trump Organization documents in connection with the Russia probe.<\/p>\n<p><strong><em>US data:<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Initial jobless claims (9 Mar): 226,000 (forecast: 226,000, previous: 230,000).<\/li>\n<li>Import price index (Feb): 0.4% (forecast: 0.3%, previous: 0.8%).<\/li>\n<li>Export price index (Feb): 0.2% (forecast: 0.3%, previous: 0.8%).<\/li>\n<li>NY Empire State manufacturing index (Mar): 22.5 (forecast: 15.0, previous: 13.1).<\/li>\n<li>Philadelphia Fed manufacturing survey (Mar): 22.3 (forecast: 23.0, previous: 25.8).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p><div id=\"inves-3368507388\" 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<ul class=\"list list_type_disc\">\n<li>13:00 Eurozone: CPI (Feb).<\/li>\n<li>15:30 Canada: Canadian portfolio investment in foreign securities (Jan), foreign portfolio investment in Canadian securities (Jan), manufacturing shipments (Jan).<\/li>\n<li>15:30 USA: building permits (Feb), housing starts (Feb).<\/li>\n<li>16:15 USA: industrial production (Feb).<\/li>\n<li>17:00 USA: Michigan consumer sentiment index (Mar), JOLTS job openings (Jan).<\/li>\n<li>20:00 USA: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/267_5aab7054e5d3a.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p>The first half of my forecast yesterday worked out perfectly. This all changed, however, after the breakout of the trend line.<\/p>\n<p>During the US session, sellers trading on the news managed to break through the horizontal support zone of 1.2340 \u2013 1.2350, as well as the trend line from the 1.2273 low. The drop slowed down around the 90<sup>th<\/sup>degree. This isn\u2019t a significant support level, so after a correction to 1.2324 (22 degrees), I\u2019m expecting the euro to drop against the greenback to the 112<sup>th<\/sup>\u00a0degree at 1.2274.<\/p>\n<p>The trend line extended from the high of 1.2413 runs through 1.2450 on the current hour (9:00 EET). Here, it is being bolstered by the 45<sup>th<\/sup>\u00a0degree. Given that trading in Asia today paints a mixed picture of the US dollar, and that most of the euro crosses are trading up, we can\u2019t rule out the possibility of quotes rising as far as 1.2340\/50.<\/p>\n<p>There\u2019s a lot of news planned for today, which should keep market volatility high. It will be worth taking note of the Eurozone\u2019s CPI for February during the European session.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: drop on the hourly timeframe still incomplete<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari &nbsp; Previous: On Thursday the 16th\u00a0of March, trading on the euro closed down. The US dollar yesterday made gains against all the majors. Demand for it increased after the publication of US economic data. The US posted a rise in import prices, a decline in initial jobless claims, and a significantly [&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-123401","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123401","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=123401"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123401\/revisions"}],"predecessor-version":[{"id":123402,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/123401\/revisions\/123402"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=123401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=123401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=123401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}