{"id":125022,"date":"2018-04-12T07:28:01","date_gmt":"2018-04-12T11:28:01","guid":{"rendered":"http:\/\/countingpips.com\/?p=125022"},"modified":"2018-06-01T15:40:53","modified_gmt":"2018-06-01T15:40:53","slug":"eurusd-1-2338-1-2345-to-provide-strong-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/04\/eurusd-1-2338-1-2345-to-provide-strong-support\/","title":{"rendered":"EURUSD: 1.2338 \u2013 1.2345 to provide strong support"},"content":{"rendered":"<div id=\"inves-4200501884\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">April 12, 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 Wednesday the 11<sup>th<\/sup>\u00a0of April, trading on the EURUSD pair closed slightly up. The pair spent most of its time hovering around the 135<sup>th<\/sup>\u00a0degree at 1.2380. Markets swung in all directions as they braced themselves for a potential strike in Syria by the US, France, or Germany. It\u2019s been 48 hours, but Trump has yet to make the decision to strike. The euro slid against the dollar from 1.2396 to 1.2347 after the FOMC minutes were published.<\/p>\n<p>The minutes of the FOMC\u2019s March meeting show that many committee members expect the economic situation in the country to continue to improve and for inflation to rise. All 9 committee members voted in favour of the 25-base-point rate hike. This was the 6<sup>th<\/sup>\u00a0rate hike since December 2015. Senior members of the Fed expect a further two rate hikes this year. The regulator also expressed concerns over the influence the White House\u2019s trade and fiscal policies are having on markets.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:45 France: CPI (Mar).<\/li>\n<li>11:30 UK: BoE credit conditions survey.<\/li>\n<li>12:00 Eurozone: industrial production (Feb).<\/li>\n<li>14:30 Eurozone: ECB monetary policy meeting accounts.<\/li>\n<li>15:30 Canada: new housing price index (Feb).<\/li>\n<li>15:30 USA: initial jobless claims (6 Apr), import price index (Mar).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/299_5acefefa10d68.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p>My predictions for yesterday came off in full. The 135<sup>th<\/sup>\u00a0degree held back the bulls\u2019 advancement. After the FOMC minutes were published, the rate met the LB balance line at 1.2347.<\/p><div id=\"inves-1993467920\" 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>For Thursday, the 1.2338 \u2013 1.2345 range is a strong support. Since most of the euro crosses are trading up and the stochastic oscillator is in the buy zone, I expect prices to recover to 1.2367 in Europe. From here, an upwards breakout of the downwards channel looks unlikely. If the hourly candlestick closes above the channel, the prospect of a drop will disappear.<\/p>\n<p>At 14:30 (GMT+3), the ECB will release a report on its latest meeting on monetary policy. This could cause the euro to decline up until trading opens in the US. For now, I can\u2019t see quotes falling any lower than the 67<sup>th<\/sup>\u00a0degree at 1.2313. If the pair returns to this level ahead of time, i.e. before 15:00 (GMT+3), I\u2019ll revise my target.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: 1.2338 \u2013 1.2345 to provide strong support<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Wednesday the 11th\u00a0of April, trading on the EURUSD pair closed slightly up. The pair spent most of its time hovering around the 135th\u00a0degree at 1.2380. Markets swung in all directions as they braced themselves for a potential strike in Syria by the US, France, or Germany. It\u2019s been 48 [&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-125022","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125022","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=125022"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125022\/revisions"}],"predecessor-version":[{"id":125025,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125022\/revisions\/125025"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=125022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=125022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=125022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}