{"id":131711,"date":"2018-08-10T06:45:12","date_gmt":"2018-08-10T10:45:12","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=131711"},"modified":"2018-08-10T06:27:01","modified_gmt":"2018-08-10T10:27:01","slug":"eurusd-the-euro-is-resting-on-the-weekly-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-the-euro-is-resting-on-the-weekly-support\/","title":{"rendered":"EURUSD: the euro is resting on the weekly support"},"content":{"rendered":"<div id=\"inves-1727997424\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 10, 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>On Thursday the 9<sup>th<\/sup>\u00a0of August, trading on EURUSD closed down. Bears resumed the downtrend after the break of the trend line at 1.1582. By the close of trading, the euro fell to 1.1526, surpassing Monday&#8217;s low (1.1530).<\/p>\n<p>In the first half of the day, the major currencies were under pressure against the US dollar due to the collapse of NZD. It crumbled following the RBNZ&#8217;s interest rate meeting in which the regulator decided to keep rates at the current level until 2020.<\/p>\n<p>Before the opening of the US session, bulls tried to win back losses, but were crushed by the statements of FRB of Chicago President Charles Evans, who said he admits the possibility of two increases by yearend.<\/p>\n<p><strong>Day&#8217;s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:45 France: industrial output (MoM) (Jun).<\/li>\n<li>11:30 UK: total business investment (QoQ) (Q2), GDP (YoY) (Q2), manufacturing production (MoM) (Jun), industrial production (YoY) (Jun), total trade balance (Jun), construction output (MoM) (Jun).<\/li>\n<li>15:30 Canada: net change in employment, unemployment rate (Jul).<\/li>\n<li>20:00 USA: Baker Hughes US oil rig count.<\/li>\n<li>21:00 USA: monthly budget statement (Jul).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/10.08.18_EURUSD_H1_5b6d3583b660c.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-525988018\" 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>The bears broke the trend line at 1.1530 and the 45<sup>th<\/sup>\u00a0degree (1.1574). I will write about the reasons behind the drop in the afternoon review. It stopped at the 90<sup>th<\/sup>\u00a0degree. Technically, nothing is keeping the price from sliding down to 1.1495.<\/p>\n<p>On the weekly chart sellers haven&#8217;t been able to pass 1.1510 since May. You can short the euro for a few weeks once the price falls below 1.15.<\/p>\n<p>For today, we have a correction to 1.1550 , from 1.1560. Purchases are risky, so the risk to the deal needs to be reduced by 2-3 times.\u00a0<em>The stochastic<\/em>\u00a0oscillator is on top in the sell zone, so we do not know whether we will drop to 1.1520 or make a new Asian session low. The stochastic signal will be perceived by the trend, so it is unlikely that sellers will ignore it on the hourly timeframe.<\/p>\n<p>Today, traders&#8217; attention will be focused on British data and US CPI data.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: the euro is resting on the weekly support<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari On Thursday the 9th\u00a0of August, trading on EURUSD closed down. Bears resumed the downtrend after the break of the trend line at 1.1582. By the close of trading, the euro fell to 1.1526, surpassing Monday&#8217;s low (1.1530). In the first half of the day, the major currencies were under pressure against [&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-131711","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131711","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=131711"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131711\/revisions"}],"predecessor-version":[{"id":131713,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/131711\/revisions\/131713"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=131711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=131711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=131711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}