{"id":133157,"date":"2018-09-04T06:45:59","date_gmt":"2018-09-04T10:45:59","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=133157"},"modified":"2018-09-04T05:39:53","modified_gmt":"2018-09-04T09:39:53","slug":"eurusd-correction-could-continue-through-to-thursday","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/09\/eurusd-correction-could-continue-through-to-thursday\/","title":{"rendered":"EURUSD: correction could continue through to Thursday"},"content":{"rendered":"<div id=\"inves-2530924810\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 4, 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 Monday the 3<sup>rd<\/sup>\u00a0of September, trading on the euro closed slightly up. Exchanges were closed in the US and Canada due to national holidays. This of course meant that activity was low during the US session. As trading closed in Europe, the euro had recovered to 1.1628.<\/p>\n<p>The single currency also got some support against the greenback thanks to growth on the EURGBP cross. The pound declined following comments from EU representative Barnier that he is strongly opposed to British Prime Minister Theresa May\u2019s latest proposals concerning Brexit. Michel Barnier is the EU\u2019s top representative in post-Brexit trade negotiations with the UK.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:15 Switzerland: CPI (Aug).<\/li>\n<li>11:30 UK: PMI construction (Aug).<\/li>\n<li>12:00 Eurozone: PPI (Jul).<\/li>\n<li>15:15 UK: inflation report hearings.<\/li>\n<li>16:45 US: Markit manufacturing PMI (Aug).<\/li>\n<li>17:00 US: ISM manufacturing PMI (Aug), construction spending (Jul).<\/li>\n<li>17:30 US: Fed\u2019s Evans speech.<\/li>\n<li>22:30 US: total vehicle sales (Aug).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/04.09.18_EURUSD_H1_5b8e2b428177c.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p><div id=\"inves-2691369875\" 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>Everything turned out exactly as I expected yesterday. Bulls were met with resistance at around 1.1628. The pair didn\u2019t make it to the 45<sup>th<\/sup>\u00a0degree and the LB balance line (sma 55).<\/p>\n<p>After publishing my review yesterday, I extended my forecast to the end of the week. I haven\u2019t bothered adjusting it today since the rate hasn\u2019t strayed from it by much. I\u2019m going to keep my forecast for the week on the chart until Monday to see how accurate it is.<\/p>\n<p>In Tuesday\u2019s Asian session, the pair has returned to the lower boundary of the channel formed from the correction which started at 1.1585. From a technical standpoint, on the hourly timeframe it looks like the bears have their sights on 1.1555. I don\u2019t mind if this happens, but hourly cycles and patterns suggest that the correction will continue through till Thursday. The market doesn\u2019t owe anything to anyone, these are just calculations. There are resistance levels at the 45<sup>th<\/sup>\u00a0degree (1.1639) and the LB line (1.1623).<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: correction could continue through to Thursday<\/a>&#8220;<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Monday the 3rd\u00a0of September, trading on the euro closed slightly up. Exchanges were closed in the US and Canada due to national holidays. This of course meant that activity was low during the US session. As trading closed in Europe, the euro had recovered to 1.1628. The single currency [&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-133157","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133157","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=133157"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133157\/revisions"}],"predecessor-version":[{"id":133158,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/133157\/revisions\/133158"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=133157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=133157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=133157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}