{"id":142668,"date":"2019-02-27T07:40:24","date_gmt":"2019-02-27T12:40:24","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=142668"},"modified":"2019-02-27T06:48:18","modified_gmt":"2019-02-27T11:48:18","slug":"eurusd-testing-the-previous-resistance-as-a-support","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/02\/eurusd-testing-the-previous-resistance-as-a-support\/","title":{"rendered":"EURUSD: testing the previous resistance as a support"},"content":{"rendered":"<div id=\"inves-2530421334\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">February 27, 2019<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Matthew Anthony, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>On Tuesday the 26<sup>th<\/sup> of February, trading on the EURUSD pair closed up. The British pound had a positive influence on the majors during the European session.<\/p>\n<p>The pair was trading below the 1.1370 resistance up until Federal Reserve Chair Jerome Powell\u2019s address to the Senate Committee on Banking. Powell spelled out the regulator\u2019s wait-and-see stance, stating that the Fed has a generally positive economic outlook, and that the main risk posed to the US economy is slowed economic growth overseas. The Fed\u2019s top management will continue to be patient in making decisions with regard to raising interest rates.<\/p>\n<p>Before closing the day, the EURUSD pair tested 1.14.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul>\n<li>11:30 Eurozone: ECB\u2019s C\u0153ur\u00e9 speech.<\/li>\n<li>12:00 Switzerland: ZEW survey \u2013 expectations (Feb).<\/li>\n<li>12:00 Eurozone: M3 money supply (Jan), private loans (Jan).<\/li>\n<li>13:00 Eurozone: consumer confidence (Feb), economic sentiment indicator (Feb), industrial confidence (Feb), business climate (Feb).<\/li>\n<li>13:00 Germany: German Buba President Weidmann speech.<\/li>\n<li>16:30 Canada: CPI (Jan).<\/li>\n<li>18:00 US: pending home sales (Jan), factory orders (Dec).<\/li>\n<li>18:30 US: EIA crude oil stocks change (18 Feb).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_270219_0.png\" alt=\"EURUSD H1\" data-align=\"center\" data-entity-type=\"file\" data-entity-uuid=\"0a247044-1b96-436d-a742-811fdc441df9\" \/><strong><em>Current situation:<\/em><\/strong><\/p><div id=\"inves-1743550825\" 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 pound, the euro crosses, and Powell prevented the bears from reaching the support zone at 1.1315\/20. We got a drop to 1.1345 in the US session, but buyers then quickly recovered those losses. The 45<sup>th<\/sup> degree and the 1.1370 mark were broken through by the bulls. The euro reached the 1.1403 mark. The pair started a correction from the 67<sup>th<\/sup> degree, which extended to 1.1373 in the Asian session.<\/p>\n<p>The pair is currently trading around the 1.1370 support, which was a resistance during yesterday\u2019s trading. Considering that trading robots are providing volume across all markets, there\u2019s a high likelihood that the pair will test the LB balance line before starting to rise again. Take a look at previous tests; the rate has descended to the line before rebounding sharply upwards.<\/p>\n<p>The trend line runs through 1.1360. This should bolster the support zone. The stochastic has reversed upwards. All that\u2019s left is for the crosses to reverse and we can set our sights on 1.1416.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: testing the previous resistance as a support<\/a>&#8220;<\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Tuesday the 26th of February, trading on the EURUSD pair closed up. The British pound had a positive influence on the majors during the European session. The pair was trading below the 1.1370 resistance up until Federal Reserve Chair Jerome Powell\u2019s address to the Senate Committee on Banking. Powell [&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-142668","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142668","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=142668"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142668\/revisions"}],"predecessor-version":[{"id":142669,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142668\/revisions\/142669"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=142668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=142668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=142668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}