{"id":132083,"date":"2018-08-17T06:44:58","date_gmt":"2018-08-17T10:44:58","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132083"},"modified":"2018-08-17T06:05:53","modified_gmt":"2018-08-17T10:05:53","slug":"eurusd-pair-set-to-consolidate","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-pair-set-to-consolidate\/","title":{"rendered":"EURUSD: pair set to consolidate"},"content":{"rendered":"<div id=\"inves-590693964\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 17, 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 17<sup>th<\/sup>\u00a0of August, trading on the euro closed up. News that trade talks between the US and China are set to resume later this month brought about a correction on the dollar and, in turn, the euro. Market sentiment has shifted, but the big picture is still bearish.<\/p>\n<p>The rate rose to 1.1409. By close, bulls had erased most of their gains. The catalyst for the drop was the US dollar index\u2019s (DXY) rebound from a session low of 96.32, which was a response to US data and a rise in bond yields.<\/p>\n<p><strong>US data:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Initial jobless claims: 212k (forecast: 215k, previous: 214k).<\/li>\n<li>Housing starts: 1.168m.<\/li>\n<li>Building permits: 1.311m.<\/li>\n<li>Philadelphia Fed manufacturing survey: 11.9 (forecast: 21.9, previous: 25.7).<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:30 Australia: RBA Assistant Governor Ellis speech.<\/li>\n<li>11:00 Eurozone: current account (Jun).<\/li>\n<li>12:00 Eurozone: CPI (Jul).<\/li>\n<li>15:30 Canada: CPI (Jul), Canadian portfolio investment in foreign securities (Jun).<\/li>\n<li>17:00 US: Michigan Consumer Sentiment Index (Aug).<\/li>\n<li>20:00 US: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_170818_5b76684d2a74f.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView.<\/p><div id=\"inves-3119836488\" 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 turned out exactly as I expected. The bulls visited the 90<sup>th<\/sup>\u00a0degree, from which the pair ricocheted downwards. The 90<sup>th<\/sup>\u00a0degree isn\u2019t a reversal level, but the rebound to resume the trend on dollar index forced the euro bulls out of the long positions they had opened on the back of the initial correction.<\/p>\n<p>The drop came to an end below the 45<sup>th<\/sup>\u00a0degree around the balance line (sma 55). Today, I\u2019m expecting to see our pair fluctuate between 1.1348 and 1.1409. From a technical standpoint, the pair looks set to continue declining, but if you look at the growth from 1.1301 to 1.1409, you\u2019ll notice the similarity this model shares with the current movement, just with smaller fluctuations.<\/p>\n<p>The 4-hour indicators have unloaded and are now in neutral territory. The market is ready for some sharp fluctuations, although my model shows the pair dropping to 1.1350 with a subsequent rebound to 1.1379.<\/p>\n<p>It\u2019s worth paying attention to the Eurozone\u2019s inflation data. It\u2019s important for the ECB. If the actual figures differ from predictions significantly, it will cause a high level of volatility on the market.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: pair set to consolidate<\/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 17th\u00a0of August, trading on the euro closed up. News that trade talks between the US and China are set to resume later this month brought about a correction on the dollar and, in turn, the euro. Market sentiment has shifted, but the big picture is still bearish. [&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-132083","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132083","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=132083"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132083\/revisions"}],"predecessor-version":[{"id":132084,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132083\/revisions\/132084"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}