{"id":131089,"date":"2018-07-31T08:55:42","date_gmt":"2018-07-31T12:55:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=131089"},"modified":"2018-07-31T08:42:07","modified_gmt":"2018-07-31T12:42:07","slug":"eurusd-resistance-at-1-1735","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/07\/eurusd-resistance-at-1-1735\/","title":{"rendered":"EURUSD: resistance at 1.1735"},"content":{"rendered":"<div id=\"inves-3360236073\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">July 31, 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 Monday the 30<sup>th<\/sup>\u00a0of July, trading on the euro closed up. The euro rose against the dollar to 1.1719. The key driver behind the euro\u2019s recovery was the universal decline of the greenback. As trading got underway in Europe, the dollar took a dive despite a rise in US10Y bond yields.<\/p>\n<p>Market participants may be selling them off ahead of the conclusion of the Fed\u2019s meeting on Wednesday. We can\u2019t rule out the possibility that given the current situation, people may be taking up positions against the dollar, fearing that the Fed won\u2019t raise interest rates another 2 times this year. The Fed\u2019s accompanying statement should shed some light on this issue.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: retail sales (Jun).<\/li>\n<li>09:30 Japan: BoJ press conference.<\/li>\n<li>09:45 France: CPI (Jul).<\/li>\n<li>10:55 Germany: unemployment rate (Jul), unemployment change (Jul).<\/li>\n<li>12:00 Eurozone: GDP (Q2), unemployment rate (Jun), CPI (Jul).<\/li>\n<li>15:30 Canada: GDP (May), industrial product price (Jun).<\/li>\n<li>15:30 US: core personal consumption expenditure \u2013 price index (Jun), personal income (Jun), personal spending (Jun).<\/li>\n<li>16:00 US: S&amp;P\/Case-Shiller home price indices (May).<\/li>\n<li>16:45 US: Chicago PMI (Jul).<\/li>\n<li>23:30 US: API weekly crude oil stock.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/31.07.18_EURUSD_H1_5b6013c2d63a6.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p>\n<p><strong>Current situation:<\/strong><\/p><div id=\"inves-3329407735\" 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>My target in yesterday\u2019s forecast (1.1682) was reached. After breaking this level, I set a new target of 1.1735. As expected, the 67<sup>th<\/sup>\u00a0degree was broken on the back of rising euro crosses. The euro rose to 1.1719. Traders may have been dumping the dollar ahead of the FOMC meeting.<\/p>\n<p>On Tuesday the 31<sup>st<\/sup>\u00a0of July, Eurozone GDP data is being released, which should give an idea of the current state of the economy. Today we\u2019ll also get preliminary consumer inflation figures for the Eurozone in July.<\/p>\n<p>I thought that buyers would be able to reach the upper boundary of the range at 1.1735 without the need for a correction. My forecast has the euro rising to this level, but given the wave structure we have, I\u2019m not confident that it\u2019ll turn out exactly this way.<\/p>\n<p>If we consider the possibility that prices will rise as part of a 5-wave pattern (normally I don\u2019t look at Elliot waves), then the target of 1.1640\/45 is realistic. If the euro first drops to 1.1680, then it would be better to refrain from selling at 1.1730 \u2013 1.1735. In this case, we should prepare for the price to exit the range of 1.1635 \u2013 1.1735.<\/p>\n<p>Today\u2019s economic calendar is rich. Remember that there are several key events this week, with interest rate decisions from the Bank of Japan, Bank of England, and Federal Reserve, and July\u2019s NFP report.<\/p>\n<p>The FOMC\u2019s two-day meeting will conclude on Wednesday. The key rate is expected to be left unchanged. Traders will be listening out for any information on future rate hikes, nothing else matters to them at the moment.<\/p>\n<p>The Bank of England will announce its interest rate decision on Thursday. The consensus is that the key rate will be increased by 0.25%. Although this hike is already factored into prices, traders can buy the pound against the euro until Thursday. Traders will start to take profit after the meeting. The euro crosses will be under pressure this whole time.<\/p>\n<p>Source:\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/27095_31072018\/\" target=\"_blank\" rel=\"noopener\">EURUSD: resistance at 1.1735<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 30th\u00a0of July, trading on the euro closed up. The euro rose against the dollar to 1.1719. The key driver behind the euro\u2019s recovery was the universal decline of the greenback. As trading got underway in Europe, the dollar took a dive despite a rise in US10Y bond [&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-131089","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131089","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=131089"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131089\/revisions"}],"predecessor-version":[{"id":131090,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131089\/revisions\/131090"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=131089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=131089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=131089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}