{"id":131283,"date":"2018-08-03T06:50:19","date_gmt":"2018-08-03T10:50:19","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=131283"},"modified":"2018-08-03T06:29:51","modified_gmt":"2018-08-03T10:29:51","slug":"eurusd-markets-await-nfp-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-markets-await-nfp-2\/","title":{"rendered":"EURUSD: markets await NFP"},"content":{"rendered":"<div id=\"inves-2286920430\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 3, 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 2<sup>nd<\/sup>\u00a0of August, trading on the euro closed down. By the time trading closed, the euro had dropped to 1.1582 against the greenback. The euro\u2019s decline was catalysed by the dollar\u2019s universal rise following the conclusion of the FOMC meeting combined with the selloff of risky assets as tensions between the US and China over trade turned up another notch.<\/p>\n<p>US10Y bond yields are hovering around the 3% mark, with no signs of declining as of yet. The US Treasury Department has announced plans to increase the size of Treasury bond auctions.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Factory orders (Jun): 0.7% (forecast: 0.7%, previous: 0.4%).<\/li>\n<li>Initial jobless claims (27 Jul): 218k (forecast: 220k, previous: 217k).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:15 Switzerland: CPI (Jul).<\/li>\n<li>10:50 France: Markit services PMI (Jul).<\/li>\n<li>10:55 Germany: Markit services PMI (Jul).<\/li>\n<li>11:00 Eurozone: Markit services PMI (Jul).<\/li>\n<li>11:30 UK: Markit services PMI (Jul).<\/li>\n<li>12:00 Eurozone: retail sales (Jun).<\/li>\n<li>15:30 Canada: imports (Jun), exports (Jun).<\/li>\n<li>15:30 US: unemployment rate (Jul), nonfarm payrolls (Jul), average hourly earnings (Jul), average weekly hours (Jul), labour force participation rate (Jul).<\/li>\n<li>16:45 US: Markit services PMI (Jul).<\/li>\n<li>17:00 US: ISM non-manufacturing PMI (Jul).<\/li>\n<li>20:00 US: Barker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/03.08.18_EURUSD_H1_5b640062b6d44.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p><div id=\"inves-2915993611\" 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><strong>Current situation:<\/strong><\/p>\n<p>Yesterday, I said that the pair wouldn\u2019t go any higher than 1.1705 due to the risk of dropping to 1.1615.<\/p>\n<p>My concerns yesterday were not unfounded and reducing my risk to just 0.25% on my trade turned out to be justified. On the back of a rising dollar and euro sales, the pair dropped to 1.1582. Sellers broke two support levels: 1.1640 and 1.1607.<\/p>\n<p>With mixed dynamics on the US dollar in Asia, buyers are trying to nurture some upwards movement. We\u2019ll likely get a correction before 15:30 (GMT+3). About 80% of the time, the market either corrects itself or trades within a narrow corridor ahead of the payrolls report.<\/p>\n<p>As it\u2019s payrolls day, today\u2019s review does not contain a forecast. This indicator is unpredictable and has a strong impact on the major currency pairs.<\/p>\n<p>The statement by the FOMC following its meeting acknowledged that the jobs market is strong. If the payrolls report disappoints, the EURUSD pair will return to 1.1665. If more than 193k new nonfarm jobs were created in the US in June, you can expect the 157<sup>th<\/sup>\u00a0degree (1.1559) to get attacked. There\u2019s a key support level at 1.1510.<\/p>\n<p>If we look at the AO indicator (with volume), then the 4 lower lows point towards a deep upwards correction for the pair. A deep correction for me would be a 50% bounce (1.1665) from the drop from 1.1746 to 1.1582. The 45<sup>th<\/sup>\u00a0degree runs through 1.1639, and the 67<sup>th<\/sup>\u00a0goes through 1.1663. The 50% coincides with the 67<sup>th<\/sup>degree. So, we await the NFP report. If you\u2019re not in the market, don\u2019t enter. If you\u2019re already in, I hope you survive the NFP without a stop being triggered.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: markets await NFP<\/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 2nd\u00a0of August, trading on the euro closed down. By the time trading closed, the euro had dropped to 1.1582 against the greenback. The euro\u2019s decline was catalysed by the dollar\u2019s universal rise following the conclusion of the FOMC meeting combined with the selloff of risky assets as [&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-131283","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131283","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=131283"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131283\/revisions"}],"predecessor-version":[{"id":131285,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131283\/revisions\/131285"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=131283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=131283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=131283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}