{"id":128665,"date":"2018-06-18T07:01:59","date_gmt":"2018-06-18T11:01:59","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=128665"},"modified":"2018-06-18T06:26:44","modified_gmt":"2018-06-18T10:26:44","slug":"eurusd-euro-remains-under-pressure","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/eurusd-euro-remains-under-pressure\/","title":{"rendered":"EURUSD: euro remains under pressure"},"content":{"rendered":"<div id=\"inves-429466262\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">June 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 Friday the 15<sup>th<\/sup>\u00a0of June, trading on the euro closed slightly up. After reaching a new low of 1.1543, prices recovered to 1.1627. The euro corrected on the back of technical factors, which came into play after the publication of mixed US data. The New York and Michigan indices exceeded expectations. Meanwhile, the industrial production index posted a decline.<\/p>\n<p>The US and China haven\u2019t managed to reach an agreement on tariffs. US President Donald Trump announced his decision to impose tariffs on up 50bn USD of Chinese goods. This caused a dip in US10Y bond yields. China intends to respond by imposing its own sanctions on the same value of US products.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Michigan consumer sentiment index: 99.3 (forecast: 98.3, previous: 98.1).<\/li>\n<li>Industrial production: -0.1% (forecast: 0.2%, previous reading revised from 0.7% to 0.9%).<\/li>\n<li>NY Empire State manufacturing index: 25 (forecast: 19.1, previous: 20.1).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>13:00 Germany: German Buba monthly report.<\/li>\n<li>17:00 USA: NAHB housing market index (Jun).<\/li>\n<li>20:00 USA: FOMC member Bostic speech.<\/li>\n<li>20:30 Eurozone: ECB president Draghi\u2019s speech.<\/li>\n<li>22:45 USA: FOMC member Williams speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/18060_5b27652c74c3f.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p><strong>Current situation:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>The euro hit a new low in Friday\u2019s European session, but didn\u2019t continue downwards in a sawtooth model. The correction from 1.1543 amounted to 67 degrees. The rate returned to the MA channel. At the time of writing, the euro is trading at 1.1594. Under the current pricing model, there remains a risk of dropping below 1.1543.<\/li>\n<li>In Asia, the US dollar showed mixed dynamics. As trading opened in Europe, a lot of the majors have moved into positive territory. The euro is currently trading down due to the dynamics of the euro crosses.<\/li>\n<li>Considering that the hourly stochastic indicator has returned to the sell zone, my forecast has the euro dropping from 1.1612 to 1.1546 (67 degrees).<\/li>\n<li>Europe\u2019s economic calendar is virtually empty today. A speech from ECB President Mario Draghi is planned for this evening. His speeches at press conferences following ECB meetings tend to have a profound influence in the euro. He\u2019s unlikely to affect the euro today, unless he says that his words on the 14<sup>th<\/sup>\u00a0of June were misinterpreted. In order for us to see a correction across the market, we need to revisit the low of 1.1543.<\/li>\n<\/ul>\n<\/div>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/26400_18062018\/\" target=\"_blank\" rel=\"noopener\">EURUSD: euro remains under pressure<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday the 15th\u00a0of June, trading on the euro closed slightly up. After reaching a new low of 1.1543, prices recovered to 1.1627. The euro corrected on the back of technical factors, which came into play after the publication of mixed US data. The New York and Michigan indices exceeded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-128665","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128665","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=128665"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128665\/revisions"}],"predecessor-version":[{"id":128666,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/128665\/revisions\/128666"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=128665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=128665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=128665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}