{"id":129526,"date":"2018-07-04T07:20:07","date_gmt":"2018-07-04T11:20:07","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=129526"},"modified":"2018-07-04T06:44:07","modified_gmt":"2018-07-04T10:44:07","slug":"eurusd-pair-technically-ready-for-a-drop-to-1-16","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/07\/eurusd-pair-technically-ready-for-a-drop-to-1-16\/","title":{"rendered":"EURUSD: pair technically ready for a drop to 1.16"},"content":{"rendered":"<div id=\"inves-2472856008\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 4, 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 3<sup>rd<\/sup>\u00a0of July, trading on the euro closed slightly up. The single currency recovered to 1.1673 at the opening of the European session before the market entered a correctional phase. Positive US data gave the dollar some respite. The number of factory orders exceeded expectations and posted an increase on last month\u2019s value.<\/p>\n<p>With US Independence Day approaching, trader activity on the market was relatively low.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<p>Factory orders (Jun): 0.4% (forecast: 0.1%, previous reading revised from -0.3% to -0.4%).<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p><div id=\"inves-3602399125\" 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<ul class=\"list list_type_disc\">\n<li>10:15 Spain: Markit services PMI (Jun).<\/li>\n<li>10:45 Italy: Markit services PMI (Jun).<\/li>\n<li>10:50 France: Markit services PMI (Jun).<\/li>\n<li>10:55 Germany: Markit services PMI (Jun).<\/li>\n<li>11:00 Eurozone: Markit services PMI (Jun).<\/li>\n<li>11:30 UK Markit services PMI (Jun).<\/li>\n<li>24h USA: Independence Day.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/04.07.18_EURUSD_H1_5b3c7ab5b4aab.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p><strong>Current situation:<\/strong><\/p>\n<p>Tuesday\u2019s target was not reached. The pair went into a correctional phase above the balance line. The euro rose to 1.1679 in Wednesday\u2019s Asian session. From there, it dropped to 1.1660 before returning to its current level of 1.1673.<\/p>\n<p>There\u2019s a strong resistance level in the works at 1.1680. Various lines from different highs intersect at this point. If buyers manage to break this level, they should continue as far as 1.1700. In my forecast, I expect the euro to decline throughout the European session, closing at 1.1600.<\/p>\n<p>Today is a national holiday in the US as the country celebrates its independence. Trader attention will be turned towards the Markit services PMI data for European countries. The most influential of these will be the British.<\/p>\n<p>A fresh wave of US data is set to be released towards the end of the week. The minutes of the FOMC\u2019s latest meeting will be published on Thursday, while the Nonfarm Payrolls report for June will be released on Friday. In addition, Friday is when US tariffs on a number of Chinese goods will come into effect.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: pair technically ready for a drop to 1.16<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday the 3rd\u00a0of July, trading on the euro closed slightly up. The single currency recovered to 1.1673 at the opening of the European session before the market entered a correctional phase. Positive US data gave the dollar some respite. The number of factory orders exceeded expectations and posted an [&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-129526","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129526","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=129526"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129526\/revisions"}],"predecessor-version":[{"id":129527,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129526\/revisions\/129527"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=129526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=129526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=129526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}