{"id":131544,"date":"2018-08-07T07:30:46","date_gmt":"2018-08-07T11:30:46","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=131544"},"modified":"2018-08-07T06:50:01","modified_gmt":"2018-08-07T10:50:01","slug":"eurusd-the-trend-line-is-broken-and-the-bullish-phase-has-begun","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-the-trend-line-is-broken-and-the-bullish-phase-has-begun\/","title":{"rendered":"EURUSD: the trend line is broken, and the bullish phase has begun"},"content":{"rendered":"<div id=\"inves-776812117\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 7, 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>The euro began trading in the new week down, dropping in the US session to 1.1530. The pressure on the single currency came from the general strengthening of the US dollar against the backdrop of an empty economic calendar.<\/p>\n<p>The escalating trade conflict between the US and China also added to the uncertainty. Chinese authorities announced plans to impose customs duties on US exports to the tune of 60bn USD. Moreover, US 10-year Treasury bonds fell from 2.96% to 2.924%.<\/p>\n<p>When profitability decreases amid political turmoil, it exerts weekly pressure on other major currencies, rather than on the dollar. By the close of the European session, buyers recovered all losses, raising the rate to 1.1570.<\/p>\n<p><strong>Day&#8217;s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>7:30 Australia: RBA interest rate decision (Aug), RBA rate statement.<\/li>\n<li>9:00 Germany: industrial production n.s.a. w.d.a. (YoY) (Jun).<\/li>\n<li>17:00 Canada: Ivey PMI n.s.a (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\/487_5b6936d64c1e1.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView<\/p><div id=\"inves-737448244\" 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>The euro fell to the 180<sup>th<\/sup>\u00a0degree against the backdrop of a drop in US10Y Treasury yields, as well as a general strengthening of the US dollar. Before the close of the European session, the price was under the trend line, so all purchases were risky. After the breakdown of the trend line, according to the forecast, I expect the euro to strengthen against the dollar from 1.1545\/50 to 67 degrees (1.1611) by 16:00 (GMT+3). On the crosses the picture is mixed, with the main cross, the euro\/pound pair, trading in positive territory.<\/p>\n<p>If the market proceeds based on my trajectory, then you can zero in on 1.1670. The price increase should be regarded as a correction to the downward movement. Important economic data in the second half of the day is not coming out.<\/p>\n<p>The goal of the bears is to develop a decline under 1.1527 and 1.1508 (current yearly low).<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: the trend line is broken, and the bullish phase has begun<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: The euro began trading in the new week down, dropping in the US session to 1.1530. The pressure on the single currency came from the general strengthening of the US dollar against the backdrop of an empty economic calendar. The escalating trade conflict between the US and China also added [&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-131544","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131544","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=131544"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131544\/revisions"}],"predecessor-version":[{"id":131545,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131544\/revisions\/131545"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=131544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=131544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=131544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}