{"id":135666,"date":"2018-10-18T07:00:07","date_gmt":"2018-10-18T11:00:07","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=135666"},"modified":"2018-10-18T06:44:06","modified_gmt":"2018-10-18T10:44:06","slug":"eurusd-approaching-the-reversal-zone","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/eurusd-approaching-the-reversal-zone\/","title":{"rendered":"EURUSD: approaching the reversal zone"},"content":{"rendered":"<div id=\"inves-1315674115\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 18, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"https:\/\/alpari.com\/en\/analytics\/analysts\/anthony\/\">Matthew Anthony, Alpari<\/a><\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>On Wednesday, the 17<sup>th<\/sup>\u00a0of October trading on the euro closed down. The euro sank to 1.1496 amid a general strengthening of the dollar and uncertainty surrounding Brexit negotiations and the Italian budget.<\/p>\n<p>Germany is making contingency plans for a no deal on Brexit. This was reported by German Chancellor Angela Merkel. The German publication Spiegel, citing European Commissioner for Budget and Human Resources Gunther Oettinger, reported that the European Commission decided to reject Italy&#8217;s draft budget for 2019.<\/p>\n<p>In addition to the problems in Europe, the dollar was supported by the minutes of the Fed meeting. The minutes showed that the regulator will continue to raise interest rates.<\/p>\n<p><strong><em>Day&#8217;s news (GMT+3): \u00a0<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:30 UK: retail sales (MoM) (Sep).<\/li>\n<li>15:30 US: initial jobless claims (Oct 12), Philadelphia Fed Manufacturing Survey (Oct).<\/li>\n<li>16:00 US: Fed&#8217;s Bullard speech.<\/li>\n<li>17:30 US: EIA natural gas storage change (Oct 12).<\/li>\n<li>19:15 US: Fed&#8217;s Quarles speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/607_5bc82c5b027d8.png\" alt=\"\" \/><\/p>\n<p>Fig 1. EURUSD hourly chart.<\/p><div id=\"inves-3659812313\" 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><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>The euro slowed the decline at around the 112<sup>th<\/sup>\u00a0degree. The technical upward correction is overdue, but I think it will start at 1.1460-1.1487. Given that the European Commission rejected Italy&#8217;s draft budget, it would be better to buy against the downward movement when we get closer to the 135<sup>th<\/sup>\u00a0degree.<\/p>\n<p>Oettinger said that the Italian budget for 2019 does not comply with the requirements and regulations set by the EU. Rome now needs to amend the budget and submit it to the Commission. Ideally, I see a rebound from 1.1460 with the target of 1.15 (on Thursday) and 1.1525 (on Friday).<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: approaching the reversal zone<\/a>&#8220;<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Wednesday, the 17th\u00a0of October trading on the euro closed down. The euro sank to 1.1496 amid a general strengthening of the dollar and uncertainty surrounding Brexit negotiations and the Italian budget. Germany is making contingency plans for a no deal on Brexit. This was reported by German Chancellor Angela [&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-135666","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135666","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=135666"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135666\/revisions"}],"predecessor-version":[{"id":135667,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135666\/revisions\/135667"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=135666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=135666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=135666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}