{"id":136043,"date":"2018-10-25T07:17:12","date_gmt":"2018-10-25T11:17:12","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=136043"},"modified":"2018-10-25T06:58:06","modified_gmt":"2018-10-25T10:58:06","slug":"eurusd-euro-licking-its-wounds-after-yesterdays-drop","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/eurusd-euro-licking-its-wounds-after-yesterdays-drop\/","title":{"rendered":"EURUSD: euro licking its wounds after yesterday\u2019s drop"},"content":{"rendered":"<div id=\"inves-1726288349\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 25, 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 24<sup>th<\/sup>\u00a0of October, the single currency lost significant ground against the greenback to reach the 1.1379 mark. The drop gained momentum in Europe after breaking through the 1.1440 support. I reckon the bears ditched their protective stop levels after this breakout on the back of uncertainty surrounding Italy, after which market participants adjusted their positions ahead of the ECB meeting. They\u2019ll now be waiting to hear an answer as to whether or not the regulator will move their planned date for ending their bond-buying program, and when they plan to raise interest rates. Will Mario Draghi change his tone or not?<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:00 Germany: IFO \u2013 business climate (Oct), IFO \u2013 current assessment (Oct), IFO \u2013 expectations (Oct).<\/li>\n<li>14:45 Eurozone: interest rate decision.<\/li>\n<li>15:30 Eurozone: ECB monetary policy statement and press conference.<\/li>\n<li>15:30 US: initial jobless claims (19 Oct), durable goods orders (Sep), goods trade balance (Sep).<\/li>\n<li>17:00 US: pending home sales (Sep).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/622_5bd1692d940e8.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>The upwards correction has come to nothing. In the European session, the pair jumped to 1.1477 before a sharp downwards reversal. Stop levels were activated below 1.1440. The drop came to an end at around the 90<sup>th<\/sup>\u00a0degree. The weekly trend line runs through this level. If the weekly candlestick closes below 1.1400, sellers will aim for 1.1200.<\/p><div id=\"inves-1956153464\" 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>I don\u2019t make predictions for this pair on days where Mario Draghi has a press conference, just like on payrolls day. If we look at past behaviour of price movements ahead of ECB meetings, they tend to move against previous movements and trade within a narrow corridor for the 2-3 hours leading up to the press conference. It\u2019s anyone\u2019s guess where Draghi will send prices afterwards.<\/p>\n<p>There\u2019s a resistance at 1.1432. I think there are some stop levels here on short positions. There\u2019s another set of stops at 1.1450. If the day closes above these, we can safely say that the pair has rebounded from the weekly trend line.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: euro licking its wounds after yesterday\u2019s drop<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Wednesday the 24th\u00a0of October, the single currency lost significant ground against the greenback to reach the 1.1379 mark. The drop gained momentum in Europe after breaking through the 1.1440 support. I reckon the bears ditched their protective stop levels after this breakout on the back of uncertainty surrounding Italy, [&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-136043","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136043","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=136043"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136043\/revisions"}],"predecessor-version":[{"id":136044,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136043\/revisions\/136044"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=136043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=136043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=136043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}