{"id":142770,"date":"2019-03-01T07:50:53","date_gmt":"2019-03-01T12:50:53","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=142770"},"modified":"2019-03-01T06:53:47","modified_gmt":"2019-03-01T11:53:47","slug":"eurusd-sitting-on-the-trend-line-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/eurusd-sitting-on-the-trend-line-2\/","title":{"rendered":"EURUSD: sitting on the trend line"},"content":{"rendered":"<div id=\"inves-1218718427\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 1, 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 Wednesday the 27<sup>th<\/sup> of February, trading on the euro closed down. The bulls couldn\u2019t make it past the sell wall at 1.1403. The euro slumped to 1.1362 against the dollar. The trend line and balance line both provided support. The drop was brought about by a sharp rise in US10Y bond yields from 2.631% to 2.6987%.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>10:00 UK: Nationwide housing prices (Feb).<\/li>\n<li>10:45 France: consumer spending (Q4), CPI (Feb).<\/li>\n<li>11:00 Switzerland: KOF leading indicator (Feb).<\/li>\n<li>16:00 Germany: harmonised index of consumer prices (Feb).<\/li>\n<li>16:30 Canada: current account (Q4), industrial product price (Jan).<\/li>\n<li>16:30 US: GDP (Q4), initial jobless claims (23 Feb).<\/li>\n<li>16:50 US: Fed\u2019s Bostic speech.<\/li>\n<li>17:45 US: Chicago PMI (Feb).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_280219_0.png\" alt=\"EURUSD H1\" data-align=\"center\" data-entity-type=\"file\" data-entity-uuid=\"cb9bb57d-6955-4775-9198-04984c8f336c\" \/><\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>Buyers encountered resistance around the 67<sup>th<\/sup> degree. The growth in US10Y bond yields shifted sentiment on the market with regard to the US dollar. The rate returned to the trend line as a portion of market participants closed their long positions.<\/p>\n<p>It\u2019s worth noting that the 1.1370 support didn\u2019t hold up, so we can now ignore it.<\/p><div id=\"inves-3401842481\" 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>Another important thing to consider is the double top formation at 1.1403. This was activated with the breakout of the 1.1373 low, which can be seen between the two tops. However, I don\u2019t consider this a true double top as the rate has already risen above 1.1373 again.<\/p>\n<p>In today\u2019s Asian session, trading on the dollar is mixed. It\u2019s trading up against the yen and Swiss franc. This is a bad sign for bulls as this means that capital is flowing into the safe haven assets. Today, there should be a press conference to discuss the US-North Korea summit. This may explain why investors have retreated to the yen.<\/p>\n<p>Take note of the support line that runs below the trend line. If there\u2019s an attack on 1.1370, there\u2019s a high probability of the rate bouncing from 1.1365. \u00a0If this bounce makes it as far as 1.1382, we should see a new set of long positions from buyers. If you\u2019ve done any analysis of the daily timeframe, you\u2019ll have seen the resistance at 1.1430 in the form of a trend line drawn from the highs of 1.1569 and 1.1514. I\u2019d like to see a downwards correction take place from here.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: sitting on the trend line<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Wednesday the 27th of February, trading on the euro closed down. The bulls couldn\u2019t make it past the sell wall at 1.1403. The euro slumped to 1.1362 against the dollar. The trend line and balance line both provided support. The drop was brought about by a sharp rise 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-142770","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142770","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=142770"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142770\/revisions"}],"predecessor-version":[{"id":142772,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142770\/revisions\/142772"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=142770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=142770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=142770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}