{"id":139923,"date":"2019-01-09T07:42:59","date_gmt":"2019-01-09T12:42:59","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=139923"},"modified":"2019-01-09T06:58:56","modified_gmt":"2019-01-09T11:58:56","slug":"eurusd-lb-line-providing-support-to-the-bulls","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/01\/eurusd-lb-line-providing-support-to-the-bulls\/","title":{"rendered":"EURUSD: LB line providing support to the bulls"},"content":{"rendered":"<div id=\"inves-1978603036\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">January 9, 2019<\/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 Tuesday, trading on the EURUSD pair closed down. The pair\u2019s decline was minimal as the bulls managed to partially recover their losses in the US session and bring the market into a sideways trend. The pair initially came under pressure after weak data from the Eurozone and Germany, in addition to a broadly stronger dollar after a rise in US bond yields. Pressure was then exerted on the dollar following optimism surrounding the trade talks between the US and China, which increased demand for risky assets, while reducing it for the safe havens.<\/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: trade balance (Nov).<\/li>\n<li>10:45 France: consumer confidence (Dec).<\/li>\n<li>11:15 Switzerland: CPI (Dec).<\/li>\n<li>13:00 Eurozone: unemployment rate (Nov).<\/li>\n<li>16:15 Canada: housing starts (Dec).<\/li>\n<li>18:00 Canada: BoC interest rate decision, BoC rate statement.<\/li>\n<li>18:15 Canada: BoC press conference.<\/li>\n<li>18:30 EIA crude oil stocks change (4 Jan).<\/li>\n<li>18:30 UK: BoE governor Carney\u2019s speech.<\/li>\n<li>22:00 US: FOMC minutes.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/cms\/images\/eur_090119_5c35a480e0f1e.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 balance line and 45<sup>th<\/sup> degree are providing strong support, keeping the bears held up at 1.1429. The intraday minimum is at 1.1423.<\/p><div id=\"inves-3273196315\" 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>The hourly indicators favour the bears, while cycles and patterns favour the bulls. Because of this and today\u2019s news releases, I expect to see a rebound to the LB and a rise to the 67<sup>th<\/sup> degree at 1.1503. I don\u2019t expect any further growth from the euro given that the FOMC is publishing its minutes today.<\/p>\n<p>In other news, the British parliament will start debating the government\u2019s EU withdrawal agreement today, with a vote planned for next week. This uncertainty will put the pound under pressure. We should also keep an eye on the headlines regarding the talks between the US and China. If something goes wrong, traders will retreat to the yen, and the euro will lose ground against the dollar.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: LB line providing support to the bulls<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Tuesday, trading on the EURUSD pair closed down. The pair\u2019s decline was minimal as the bulls managed to partially recover their losses in the US session and bring the market into a sideways trend. The pair initially came under pressure after weak data from the Eurozone and Germany, in [&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-139923","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/139923","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=139923"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/139923\/revisions"}],"predecessor-version":[{"id":139924,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/139923\/revisions\/139924"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=139923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=139923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=139923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}