{"id":133109,"date":"2018-09-03T07:37:34","date_gmt":"2018-09-03T11:37:34","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=133109"},"modified":"2018-09-03T05:38:52","modified_gmt":"2018-09-03T09:38:52","slug":"eurusd-with-no-us-session-our-pair-may-remain-within-fridays-range","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/09\/eurusd-with-no-us-session-our-pair-may-remain-within-fridays-range\/","title":{"rendered":"EURUSD: with no US session, our pair may remain within Friday\u2019s range"},"content":{"rendered":"<div id=\"inves-1947779277\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 3, 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 Friday the 31<sup>st<\/sup>\u00a0of August, trading on the euro closed down. The single currency corrected to 1.1690 against the dollar during the European session, which became the intraday high. From there, the pair tanked to hit 1.1585.<\/p>\n<p>Ahead of the long weekend in the US and Canada, the US dollar made significant gains on the back of increased uncertainty over international trade between the US, Europe, Canada, and China. A retreat towards the safe havens began after reports that representatives from the US and Canada expressed doubts on Friday over reaching a free trade agreement.<\/p>\n<p>Pressure on the single currency then subsided after Donald Trump threatened to take the US out of the World Trade Organisation and impose tariffs on another 200bn USD of Chinese goods.<\/p>\n<p><strong><em>US data:<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>Michigan consumer sentiment index (Aug): 96.2 (forecast: 95.5, previous: 95.3).<\/li>\n<li>Chicago PMI (Aug): 63.6 (forecast: 63.0, previous: 65.5).<\/li>\n<\/ul>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p><div id=\"inves-3679563810\" 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<ul class=\"list list_type_disc\">\n<li>09:30 Australia: RBA commodity index SDR (Aug).<\/li>\n<li>10:15 Switzerland: real retail sales (Jul).<\/li>\n<li>10:15 Spain: Markit manufacturing PMI (Aug).<\/li>\n<li>10:30 Switzerland: SVME \u2013 PMI (Aug).<\/li>\n<li>10:30 Eurozone: ECB\u2019s Mersch speech.<\/li>\n<li>10:45 Italy: Markit manufacturing PMI (Aug).<\/li>\n<li>10:50 France: Markit manufacturing PMI (Aug).<\/li>\n<li>10:55 Germany: Markit manufacturing PMI (Aug).<\/li>\n<li>11:00 Eurozone: Markit manufacturing PMI (Aug).<\/li>\n<li>11:30 UK: Markit manufacturing PMI (Aug).<\/li>\n<li>20:15 Germany: German Buba President Weidmann speech.<\/li>\n<li>21:30 US: Fed\u2019s Evans speech.<\/li>\n<li>24h US &amp; Canada: Labour Day.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_030918_5b8cdb96b5023.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>After breaking the trend line at 1.1665, the euro dropped to 1.1585. The drop was stopped at the 112<sup>th<\/sup>degree, after which a correctional phase began, which is still taking place now.<\/p>\n<p>The euro crosses are all trading up except for EURJPY. The uncertainty over international trade between the US, Europe, China, and Canada continues to exert downwards pressure on our main currency against the yen. When traders start averting risk, the single currency comes under immediate pressure.<\/p>\n<p>Considering that the US and Canada have national holidays today and that the European economic calendar is empty, I\u2019m going to risk saying that trading in today\u2019s European session will counter Friday\u2019s movements, i.e. the euro will rise.<\/p>\n<p>The 45<sup>th<\/sup>\u00a0degree passes through 1.1639. I reckon that growth will be limited to around 1.1625. I\u2019m not expecting a strong rebound since we\u2019re witnessing a retreat towards safe havens in the Asian session. We can expect increased volatility in the European session.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: with no US session, our pair may remain within Friday\u2019s range<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Friday the 31st\u00a0of August, trading on the euro closed down. The single currency corrected to 1.1690 against the dollar during the European session, which became the intraday high. From there, the pair tanked to hit 1.1585. Ahead of the long weekend in the US and Canada, the US dollar [&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-133109","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133109","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=133109"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133109\/revisions"}],"predecessor-version":[{"id":133110,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133109\/revisions\/133110"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=133109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=133109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=133109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}