{"id":134905,"date":"2018-10-04T07:47:50","date_gmt":"2018-10-04T11:47:50","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=134905"},"modified":"2018-10-04T06:56:57","modified_gmt":"2018-10-04T10:56:57","slug":"eurusd-approaching-the-daily-trend-line","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/eurusd-approaching-the-daily-trend-line\/","title":{"rendered":"EURUSD: approaching the daily trend line"},"content":{"rendered":"<div id=\"inves-3343632025\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 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 Wednesday the 3<sup>rd<\/sup>\u00a0of October, trading on the euro closed down. The single currency dropped to 1.1560 during the European session, before dropping further to 1.1465 in the US. This decline was brought about by positive US data as well as significant growth in US10Y bond yields.<\/p>\n<p>The ADP employment report and services PMI data both exceeded market expectations. US bond yields rose to 3.17% before jumping further to 3.21% in Asia. I\u2019m not ruling out the possibility that bond yields rose in response to Fed Chair Jerome Powell\u2019s speech, because they didn\u2019t react to the economic data. Powell said that the central bank was still far away from having a neutral rate, thereby hinting at a tight monetary policy in 2019.<\/p>\n<p>According to Automatic Data Processing (ADP), 230k new private sector jobs were created in September (forecast: +185k, previous reading revised from 163k to 168k).<\/p>\n<p>The ISM non-manufacturing PMI for September grew to 61.6 points, up from 58.6 in August.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p><div id=\"inves-3772503303\" 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>15:30 US: initial jobless claims (28 Sep).<\/li>\n<li>16:15 US: Fed\u2019s Quarles speech.<\/li>\n<li>17:00 Canada: Ivey PMI (Sep).<\/li>\n<li>17:00 US: factory orders (Aug).<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_041018_5bb5caa7f1bca.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD daily chart.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>My sense of the market has been off point this week. When I don\u2019t understand something, I don\u2019t make predictions. Given that market prices are swinging in all directions on the statements of officials, today I\u2019ve uploaded the daily chart for our pair. We can clearly see that the bears are pushing towards the lower line of the A-A channel. Today\u2019s bar runs through 1.1450, and the trend line through 1.1390. If the euro continues its decline against the greenback at this pace, the pair should reach the trend line (TR from 1.0340) at around 1.14. The correction on the growth from 1.1301 to 1.1815 has passed the 61.8% Fibonacci level. The 76.4% Fibo is at 1.1420 (around the trend line). We can expect a rebound from there.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: approaching the daily trend line<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Wednesday the 3rd\u00a0of October, trading on the euro closed down. The single currency dropped to 1.1560 during the European session, before dropping further to 1.1465 in the US. This decline was brought about by positive US data as well as significant growth in US10Y bond yields. The ADP employment [&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-134905","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134905","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=134905"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134905\/revisions"}],"predecessor-version":[{"id":134906,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/134905\/revisions\/134906"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=134905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=134905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=134905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}