{"id":132027,"date":"2018-08-16T07:12:28","date_gmt":"2018-08-16T11:12:28","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132027"},"modified":"2018-08-16T06:41:26","modified_gmt":"2018-08-16T10:41:26","slug":"eurusd-technical-setup-on-the-euro-favours-the-bears","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-technical-setup-on-the-euro-favours-the-bears\/","title":{"rendered":"EURUSD: technical setup on the euro favours the bears"},"content":{"rendered":"<div id=\"inves-3435053937\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 16, 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 Wednesday the 15<sup>th<\/sup>\u00a0of August, trading on the euro closed slightly up. On the back of some partial profit-taking following the pair\u2019s recent collapse, the pair has now recovered from 1.1301 to 1.1345. The Turkish lira has stabilised at around 6 lira to the US dollar, which, along with the downwards correction on the dollar in response to the drop in US bond yields, has provided the euro with a boost.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:30 UK: retail sales (Jul).<\/li>\n<li>12:00 Eurozone: trade balance (Jun).<\/li>\n<li>15:30 Canada: manufacturing shipments (Jun).<\/li>\n<li>15:30 US: Philadelphia Fed manufacturing survey (Aug), initial jobless claims (6 Aug), building permits (Jul), housing starts (Jul).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/514_5b7517784a140.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p>\n<p><strong>Current situation:<\/strong><\/p>\n<p>The Turkish lira is no longer interfering with the euro. It rose following reports that Qatar has pledged to make direct investment in Turkey to the tune of 15bn USD.<\/p><div id=\"inves-4093471467\" 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>In Asia, the euro has recovered to 1.1391 with some help from the crosses. This marks a 67-degree rebound from 1.1301. On the technical side of things, the euro is sitting pretty at the upper boundary of the downwards channel. Under such conditions, I recommend placing a stop level at 1.1440.<\/p>\n<p>Since this is a big stop level for me (around 50 pips), I\u2019m going to wait for the pair to approach the 90<sup>th<\/sup>degree. Here, I\u2019m relying on yesterday\u2019s long-legged doji. After such a candlestick, one would expect to see a 50% correction followed by renewed growth. Since this morning\u2019s growth started without a pullback, I expect the euro to drop to 1.1362\/65 followed by a session rally to 1.1408.<\/p>\n<p>Beware, this growth scenario goes against the trend and may not work out. There\u2019s still a lot of pressure on the euro. Keep an eye on the movements of US bond yields, the Turkish lira, and the euro crosses. I don\u2019t see any important news releases for today.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: technical setup on the euro favours the bears<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Wednesday the 15th\u00a0of August, trading on the euro closed slightly up. On the back of some partial profit-taking following the pair\u2019s recent collapse, the pair has now recovered from 1.1301 to 1.1345. The Turkish lira has stabilised at around 6 lira to the US dollar, which, along with the [&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-132027","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132027","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=132027"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132027\/revisions"}],"predecessor-version":[{"id":132028,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132027\/revisions\/132028"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}