{"id":138123,"date":"2018-11-30T08:05:51","date_gmt":"2018-11-30T13:05:51","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=138123"},"modified":"2018-11-30T07:21:06","modified_gmt":"2018-11-30T12:21:06","slug":"eurusd-pair-trading-around-the-consolidation-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/11\/eurusd-pair-trading-around-the-consolidation-support\/","title":{"rendered":"EURUSD: pair trading around the consolidation support"},"content":{"rendered":"<div id=\"inves-3791285019\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 30, 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 Thursday the 29<sup>th<\/sup> of November, trading on the EURUSD pair closed slightly up. The pair traded within a narrow range of 1.1350 \u2013 1.1400. Market participants were responding to news from the UK, Italy, and US. Activity was low as markets awaited the publication of the minutes of the FOMC\u2019s November meeting, which was expected to provide hints as to the central bank\u2019s intentions with regard to tightening monetary policy.<\/p>\n<p>According to the FOMC minutes, committee members discussed the timeframe for suspending interest rate hikes. The dollar lost ground against the euro, but not much. US10Y bond yields dropped to around 3.00%.<\/p>\n<p>According to CME Group\u2019s FedWatch, the likelihood of a rate hike in December is 82.7%. CME also expects just one interest rate hike for the whole of next year. So, remarks from FOMC members as well as macroeconomic data from the US are of critical importance to global currency markets.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 Germany: retail sales (Oct);<\/li>\n<li>10:45 France: CPI (Nov);<\/li>\n<li>11:00 Switzerland: KOF leading indicator (Nov);<\/li>\n<li>13:00 Eurozone: CPI (Nov), unemployment rate (Oct);<\/li>\n<li>16:30 Canada: GDP (Q3), industrial product price (Oct);<\/li>\n<li>18:45 US: Chicago PMI (Nov);<\/li>\n<li>21:00 US: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_301118_5c00f0d85af1c.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Fig 1. EURUSD hourly chart.<\/p><div id=\"inves-1438672914\" 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>I was right not to make any predictions about the euro yesterday. The thought didn\u2019t even enter my head. The news kept the pair trading within a narrow range, from which it should break out today.<\/p>\n<p>I\u2019m expecting a breakout of 1.1387 at the beginning of the European session and a subsequent drop to 1.1368. If the drop is sharp enough, we can target 1.1349. The jury is still out on whether it can go any lower. We need to see what kind of volume the bears will encounter, and how they will behave around the 45<sup>th<\/sup> degree.<\/p>\n<p>If we don\u2019t get a drop in the next 2-3 hours, and the bulls start pushing towards the 1.1400 resistance, we can expect further growth to 1.1425. If the bulls break through this level, we can expect trading to close around 1.1465 at the U3 MA line.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: pair trading around the consolidation support<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Thursday the 29th of November, trading on the EURUSD pair closed slightly up. The pair traded within a narrow range of 1.1350 \u2013 1.1400. Market participants were responding to news from the UK, Italy, and US. Activity was low as markets awaited the publication of the minutes of the [&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-138123","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138123","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=138123"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138123\/revisions"}],"predecessor-version":[{"id":138124,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/138123\/revisions\/138124"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=138123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=138123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=138123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}