{"id":132373,"date":"2018-08-22T07:33:28","date_gmt":"2018-08-22T11:33:28","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132373"},"modified":"2018-08-22T06:55:52","modified_gmt":"2018-08-22T10:55:52","slug":"eurusd-the-upward-movement-is-nearing-completion","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-the-upward-movement-is-nearing-completion\/","title":{"rendered":"EURUSD: the upward movement is nearing completion"},"content":{"rendered":"<div id=\"inves-3466467638\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 22, 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 Tuesday, the 21<sup>st<\/sup>\u00a0of August, trading on the euro closed up. The euro rose to close the day at 1.1601 amid a general weakening of the US dollar and a decline in US bond yields.<\/p>\n<p>Market participants are trying to take US President Donald Trump&#8217;s latest statements seriously about the disagreement over the Fed&#8217;s rate increase. I think there is speculation that the euro will be driven as high as possible in the run-up to the publication of the minutes of the FOMC meeting.<\/p>\n<p><strong>Day&#8217;s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>15:30 Canada: retail sales (MoM) (Jun).<\/li>\n<li>17:00 US: existing home sales (MoM) (Jul).<\/li>\n<li>17:30 US: EIA crude oil stocks change (Aug 17).<\/li>\n<li>21:00 US: FOMC minutes.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/22.08.18_EURUSD_5b7d11433913d.png\" alt=\"\" \/><\/p>\n<p>Fig 1. EURUSD hourly chart. Source: TradingView.<\/p>\n<p><strong>Current situation:<\/strong><\/p>\n<p>The U3 line remains a strong resistance for buyers. It currently deviated from the LB balance line by 1%. The rate has only recently started trading around this level. If profit-taking starts, it will shoot up to the Lb balance line. According to the forecast, I considered the formation of a third top. With this angle of upward movement, a return to 1.1601 will be enough for buyers to start closing their long positions.<\/p>\n<p>There is no bearish divergence between the AO and AC indicators; therefore, I considered a strengthening of the euro up to 1.1630. I plan to short the euro from there. If the price goes according to the forecast and closes at 1.1567 or lower, then a pin bar will form in the next few days. You can stay in a short position up to 1.1495.<\/p>\n<p>Today the minutes of the latest Fed meeting are set to be published. Bear in mind that the market has already factored in a rate hike. Everyone is interested to know how many more rate hikes there will be this year.<\/p>\n<\/div>\n<p>Source:\u00a0<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/27504_22082018\/\" target=\"_blank\" rel=\"noopener\">EURUSD: the upward movement is nearing completion<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Tuesday, the 21st\u00a0of August, trading on the euro closed up. The euro rose to close the day at 1.1601 amid a general weakening of the US dollar and a decline in US bond yields. Market participants are trying to take US President Donald Trump&#8217;s latest statements seriously about 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-132373","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132373","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=132373"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132373\/revisions"}],"predecessor-version":[{"id":132374,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132373\/revisions\/132374"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}