{"id":125333,"date":"2018-04-18T07:18:19","date_gmt":"2018-04-18T11:18:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=125333"},"modified":"2018-06-01T15:40:51","modified_gmt":"2018-06-01T15:40:51","slug":"eurusd-breakout-of-the-trend-line-likely","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/04\/eurusd-breakout-of-the-trend-line-likely\/","title":{"rendered":"EURUSD: breakout of the trend line likely"},"content":{"rendered":"<div id=\"inves-597485358\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">April 18, 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 18<sup>th<\/sup>\u00a0of April, trading on the EURUSD pair closed slightly down. By the time trading closed, the euro had lost 10 pips against the dollar. In the US session, the euro shed 78 pips to reach 1.2336 after having hit a new high at the beginning of the European session. The drop intensified after the release of disappointing German data from the ZEW. The euro then recovered from 1.2336 to 1.2376 on the back of a broadly weakened dollar and declining US10Y bond yields. I reckon this was down to renewed fears over US-Chinese trade relations.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:30 UK: CPI (Mar), retail price index (Mar), PPI &#8211; input (Mar), PPI \u2013 output (Mar).<\/li>\n<li>12:00 Eurozone: CPI (Mar).<\/li>\n<li>17:00 Canada: BoC interest rate decision, statement, and monetary policy report.<\/li>\n<li>17:30 USA: EIA crude oil stocks change (13 Apr).<\/li>\n<li>18:15 Canada: BoC press conference.<\/li>\n<li>21:00 USA: Fed\u2019s beige book.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/316_5ad6ed660546e.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p>On Tuesday, the euro slid from the 90<sup>th<\/sup>\u00a0degree to the 1.2336 mark. In the US session, the bears tried to break the trend line, but the decline on US10Y bond yields forced sellers to retreat to 1.2376.<\/p>\n<p>In Asia, trading on the dollar is mixed. The single currency is currently in positive territory against it. Since the euro crosses are enjoying increased demand, I think that as trading opens in Europe, the EURUSD pair will hit a new high before recommencing its downwards trajectory starting from the 45<sup>th<\/sup>\u00a0degree. I\u2019m expecting today\u2019s movements to largely mirror yesterday\u2019s, except with less intense fluctuations.<\/p><div id=\"inves-2085463630\" 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>The hourly cycles tell me that the EURUSD pair will continue declining until 12:00 EET on the 20<sup>th<\/sup>\u00a0of April. In order to compel buyers to close their long positions, sellers need to break two levels; 1.2357 and 1.2330.<\/p>\n<p>Inflation data from the UK and Eurozone will be the centre of focus today, in addition to the Bank of Canada\u2019s monetary policy meeting.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: breakout of the trend line likely<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 18th\u00a0of April, trading on the EURUSD pair closed slightly down. By the time trading closed, the euro had lost 10 pips against the dollar. In the US session, the euro shed 78 pips to reach 1.2336 after having hit a new high at the beginning of the [&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-125333","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125333","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=125333"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125333\/revisions"}],"predecessor-version":[{"id":125335,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/125333\/revisions\/125335"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=125333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=125333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=125333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}