{"id":127818,"date":"2018-06-05T06:50:46","date_gmt":"2018-06-05T10:50:46","guid":{"rendered":"http:\/\/countingpips.com\/?p=127818"},"modified":"2018-06-05T06:50:46","modified_gmt":"2018-06-05T10:50:46","slug":"eurusd-euro-trying-to-rebound-from-the-trend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/eurusd-euro-trying-to-rebound-from-the-trend-line\/","title":{"rendered":"EURUSD: euro trying to rebound from the trend line"},"content":{"rendered":"<div id=\"inves-1174036436\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 5, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><div>\n<div class=\"reviews-item__header\">\n<div class=\"reviews-item__info s_float_l\">\n<p><strong>By Gabriel Ojimadu, Alpari<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"reviews-item__content\">\n<p><strong>Previous:<\/strong><\/p>\n<p>On Monday the 4<sup>th<\/sup>\u00a0of June, trading on the euro closed up. Australian data brought with it a wave of bullish optimism. American traders then tamed the bulls to bring the rate back down from 1.1744 to 1.1677 (-67 pips). The US dollar shot up on the back of a rise in US10Y bond yields.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:15 Spain: Markit services PMI (May).<\/li>\n<li>10:45 Italy: Markit services PMI (May).<\/li>\n<li>10:50 France: Markit services PMI (May).<\/li>\n<li>10:55 Germany: Markit services PMI (May).<\/li>\n<li>11:00 Eurozone: Markit services PMI (May).<\/li>\n<li>11:30 UK: Markit services PMI (May).<\/li>\n<li>12:00 Eurozone: retail sales (Apr).<\/li>\n<li>15:30 Canada: labour productivity (Q1).<\/li>\n<li>16:45 USA: Markit services PMI (May).<\/li>\n<li>17:00 USA: ISM non-manufacturing PMI (May).<\/li>\n<li>23:30 USA: API weekly crude oil stock.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_050618_5b163dcfdc4c1.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p>The market moved according to its own plan on Monday. I was expecting trading to be flat at around 1.1680 until Tuesday. The rate shot upwards instead, although trading did close around the balance line below 1.17.<\/p>\n<p>The return of the exchange rate to the balance line on the hourly timeframe confirmed the breakout of the trend line as false. On the current hour, the trend line runs through 1.1731.<\/p><div id=\"inves-2850342210\" 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\u2019ve detailed two different outcomes on today\u2019s chart because, owing to the uncertainty surrounding the euro crosses, I couldn\u2019t settle on just one.<\/p>\n<p>1) From a technical point of view, this is the ideal place for buying euros. The pair is trading around the trend line, which is drawn through the lows of 1.1519 and 1.1618. The stochastic, which is down, has reversed upwards. Everything here looks excellent in theory.<\/p>\n<p>2) Euro to rise after a drop to 1.1663. There are a few reasons for this; the euro crosses are declining, the dollar is rising in Asia, and an intraday reversal model formed on Monday.<\/p>\n<p>Because of this, the downside risk of breaking through the trend line and dropping to 1.1663 has increased. It could even drop as far as 1.1636. Here, we need to keep an eye on the general sentiment among traders as well as at the dynamics of US bond yields.<\/p>\n<p>Mario Draghi was supposed to give a speech today, but I read that it\u2019s been cancelled. I\u2019d just like to remind you that his speeches have a marked impact on markets in the press conferences that follow ECB meetings.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: euro trying to rebound from the trend line<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 4th\u00a0of June, trading on the euro closed up. Australian data brought with it a wave of bullish optimism. American traders then tamed the bulls to bring the rate back down from 1.1744 to 1.1677 (-67 pips). The US dollar shot up on the back of a rise [&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-127818","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127818","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=127818"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/127818\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=127818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=127818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=127818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}