{"id":124212,"date":"2018-03-28T08:05:25","date_gmt":"2018-03-28T12:05:25","guid":{"rendered":"http:\/\/countingpips.com\/?p=124212"},"modified":"2018-06-01T15:40:57","modified_gmt":"2018-06-01T15:40:57","slug":"eurusd-expecting-the-downwards-correction-to-intensify-to-reach-1-2350","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/eurusd-expecting-the-downwards-correction-to-intensify-to-reach-1-2350\/","title":{"rendered":"EURUSD: expecting the downwards correction to intensify to reach 1.2350"},"content":{"rendered":"<div id=\"inves-1845913881\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 28, 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><strong>Previous:<\/strong><\/p>\n<p>On Tuesday the 27<sup>th<\/sup>\u00a0of March, trading on the EURUSD pair closed down. The euro retreated to 1.2373 against a broadly resurgent dollar. This growth for the dollar was largely down to technical factors as well as an easing in tensions over the trade dispute between the US and China.<\/p>\n<p>Bloomberg reported on Monday that US Finance Minister Steve Mnuchin has been discussing the trade deficit with Chinese Finance Minister Liu Kun and said he is hopeful that a deal can be reached.<\/p>\n<p>The US has asked China to reduce tariffs on American cars, to give US companies greater access to China\u2019s financial sector, and for China to buy more US semiconductors.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:00 Switzerland: ZEW survey \u2013 expectations (Mar).<\/li>\n<li>13:00 UK: CBI distributive trends survey \u2013 realized (Mar).<\/li>\n<li>15:30 USA: GDP (Q4), goods trade balance (Feb).<\/li>\n<li>17:00 USA: pending home sales (Feb).<\/li>\n<li>17:30 USA: EIA crude oil stocks change (23 Mar).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/270_5abb42c99fe9d.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p>The pair exited the symmetrical triangle upwards to hit the 1.2476 mark. Missing the 90<sup>th<\/sup>\u00a0degree by 4 pips, the pair then rebounded downwards to reach 1.2432. On the back of a mass closing of long positions, sellers stood on the balance line at 1.2396 up until the US session. The drop eventually stopped at 1.2373.<\/p>\n<p>The correction has been going on for 15 hours and now we\u2019re again seeing short positions on the single currency. At the time of writing, the euro is trading at 1.2394. Sellers are testing the trend line.<\/p>\n<p>The hourly cycles suggest a declining euro up until 14:00 EET on the 30<sup>th<\/sup>\u00a0of March. For now, I\u2019m predicting a drop to 1.2353, taking Thursday\u2019s Asian session into account.<\/p>\n<p>The euro crosses paint a mixed picture as does the US dollar. The dollar is rising against a lot of the majors, except for the pound and Aussie.<\/p>\n<p>I\u2019m ignoring the US GDP figures since this is a third reading and won\u2019t have much of an influence on markets. This week marks the end of the first quarter of 2018.<\/p>\n<\/div>\n<p>Source:\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/25095_28032018\/\" target=\"_blank\" rel=\"noopener\">EURUSD: expecting the downwards correction to intensify to reach 1.2350<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 27th\u00a0of March, trading on the EURUSD pair closed down. The euro retreated to 1.2373 against a broadly resurgent dollar. This growth for the dollar was largely down to technical factors as well as an easing in tensions over the trade dispute between the US and China. Bloomberg [&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-124212","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/124212","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=124212"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/124212\/revisions"}],"predecessor-version":[{"id":124214,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/124212\/revisions\/124214"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=124212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=124212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=124212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}