{"id":129629,"date":"2018-07-06T07:25:57","date_gmt":"2018-07-06T11:25:57","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=129629"},"modified":"2018-07-06T05:50:49","modified_gmt":"2018-07-06T09:50:49","slug":"eurusd-euro-bulls-looking-to-take-1-1720-1-1730","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/07\/eurusd-euro-bulls-looking-to-take-1-1720-1-1730\/","title":{"rendered":"EURUSD: euro bulls looking to take 1.1720 \u2013 1.1730"},"content":{"rendered":"<div id=\"inves-2233781215\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 6, 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 Thursday the 5<sup>th<\/sup>\u00a0of July, trading on the euro closed up at 1.1689. The single currency was bolstered by a strong factory orders report from Germany as well as a report from Bloomberg published on the 4<sup>th<\/sup>\u00a0of July. The news report said that several members of the EBC\u2019s governing council think that a rate hike at the end of 2019 will be too late.<\/p>\n<p>On the back of a broadly weaker dollar, the euro recovered to 1.1720, after which a correction took it back to 1.1673. The correction began after the release of positive data from the US.<\/p>\n<p>According to the minutes of the FOMC\u2019s latest meeting, committee members are confident about the future growth of the US economy and about the regulator\u2019s plan for future interest rate hikes.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Initial jobless claims (30 Jun): 231,000 (forecast: 225,000, previous: 28,000).<\/li>\n<li>ISM non-manufacturing PMI (Jun): 59.1 (forecast: 58.3, previous: 58.6).<\/li>\n<li>Markit services PMI (Jun): 56.5 (forecast: 56.5, previous: 56.5).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p><div id=\"inves-70086258\" 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>09:45 France: trade balance (May).<\/li>\n<li>10:00 Switzerland: foreign currency reserves (Jun).<\/li>\n<li>10:30 UK: Halifax house prices (Jun).<\/li>\n<li>15:30 Canada: imports (May), exports (May), unemployment rate (Jun), net change in employment (Jun).<\/li>\n<li>15:30 USA: trade balance (May), unemployment rate (Jun), average hourly earnings (Jun), average weekly hours (Jun), participation rate (Jun), nonfarm payrolls (Jun).<\/li>\n<li>17:00 Canada: Ivey PMI (Jun).<\/li>\n<li>20:00 USA: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/06.07.18_EURUSD_H1_5b3f1e27aa88b.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p><strong>Current situation:<\/strong><\/p>\n<p>At the time of writing this review, the euro is trading at 1.1705 against an intraday high of 1.1715. Most of the euro crosses are trading up. The dollar is holding its ground in the green against the yen. Buyers are getting ready to attack the range of 1.1720 \u2013 1.1730, which would pave the way towards 1.1835. Market participants are hesitant to enter the market, however, ahead of the NFP report, which comes out at 15:30 EET.<\/p>\n<p>After the NFP report, trader attention will shift back to the trade dispute between the US and China. The US is expected today to impose tariffs on 34bn USD of Chinese goods. As soon as they come into effect, China will impose its own retaliatory tariffs in equal measure.<\/p>\n<p>Volatility is expected to be very high during the US session. Today, we need to keep an eye on the safe havens: the yen, franc, and gold. If the NFP turns out worse than expected, the euro could shoot up to 1.1790 (U3) provided that we don\u2019t see a retreat towards the safe havens.<\/p>\n<p>If the NFP report is better than expected, and the dollar gets a boost across the market, the euro is likely to drop to around 1.1663. The more the report deviates from expectations, the further down we\u2019ll go. The report includes a host of indicators, so it\u2019s far from clear how traders will react to them individually.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: euro bulls looking to take 1.1720 \u2013 1.1730<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 5th\u00a0of July, trading on the euro closed up at 1.1689. The single currency was bolstered by a strong factory orders report from Germany as well as a report from Bloomberg published on the 4th\u00a0of July. The news report said that several members of the EBC\u2019s governing council [&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-129629","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129629","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=129629"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129629\/revisions"}],"predecessor-version":[{"id":129631,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/129629\/revisions\/129631"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=129629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=129629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=129629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}