{"id":132482,"date":"2018-08-24T07:15:10","date_gmt":"2018-08-24T11:15:10","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132482"},"modified":"2018-08-24T07:09:57","modified_gmt":"2018-08-24T11:09:57","slug":"eurusd-prices-trying-to-find-a-foothold","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/eurusd-prices-trying-to-find-a-foothold\/","title":{"rendered":"EURUSD: prices trying to find a foothold"},"content":{"rendered":"<div id=\"inves-1592016707\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 24, 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><em>Previous:<\/em><\/strong><\/p>\n<p>On Thursday the 23<sup>rd<\/sup>\u00a0of August, trading on the euro close down. After an upwards correction to 1.1591, the euro slid to 1.1530. This drop was facilitated by a statement from the Kansas City Fed Chief Esther George that the central bank needs to continue raising interest rates this year and perhaps into next year. She believes that two more rate hikes this year could be appropriate.<\/p>\n<p><strong><em>US data:<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Initial jobless claims (17 Aug): 210k (forecast: 215k, previous: 212k).<\/li>\n<li>Markit manufacturing PMI (Aug): 54.5 (forecast: 55.0, previous: 55.3).<\/li>\n<li>Markit services PMI (Aug): 55.2 (forecast: 55.9, previous: 56.0).<\/li>\n<li>New home sales (Jul): 627k (forecast: 645k, previous: 638k).<\/li>\n<\/ul>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: GDP (Q2).<\/li>\n<li>11:30 UK: BBA mortgage approvals (Jul).<\/li>\n<li>15:30 US: durable goods orders (Jul).<\/li>\n<li>17:00 US: Fed\u2019s Powell speech.<\/li>\n<li>20:00 US: Baker Hughes US oil rig count.<\/li>\n<li>24h US: Jackson Hole symposium.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/24.08.18_EURUSD_5b7fa4b785502.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart. Source: TradingView.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p><div id=\"inves-2676097119\" 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>My expectations of a correction yesterday are still playing out now. Sellers hit a new low of 1.1542 after which trading continued around the 67<sup>th<\/sup>\u00a0degree. It would have been better had the bears continued shorting the euro into the Asian session following on from yesterday\u2019s US session.<\/p>\n<p>The trend line runs through the 1.1510 mark. If the drop continues, it will meet this line at 12:00 EET at 1.1513. If buyers put up a fight at 1.15, the drop may be stopped at 1.1520.<\/p>\n<p>Fed Chair Jerome Powell is set to speak at the Jackson Hole symposium today. This will be important for the dollar. If he starts talking about monetary policy, we can expect an increase in market volatility. If the bears are feeling weak today and they don\u2019t manage to break through the trend line, we can expect an upwards rebound. It\u2019d be a good idea to close all short positions, or at least some of them, around 1.1510 \u2013 1.15.<\/p>\n<p>Talks between the US and China are being held in Washington. We\u2019ll have to wait and see how that turns out and what Donald Trump will tweet about it later.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: prices trying to find a foothold<\/a>&#8220;<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 23rd\u00a0of August, trading on the euro close down. After an upwards correction to 1.1591, the euro slid to 1.1530. This drop was facilitated by a statement from the Kansas City Fed Chief Esther George that the central bank needs to continue raising interest rates this year and [&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-132482","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132482","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=132482"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132482\/revisions"}],"predecessor-version":[{"id":132483,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/132482\/revisions\/132483"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=132482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=132482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=132482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}