{"id":142997,"date":"2019-03-05T07:34:21","date_gmt":"2019-03-05T12:34:21","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=142997"},"modified":"2019-03-05T06:35:09","modified_gmt":"2019-03-05T11:35:09","slug":"eurusd-upwards-correction-on-its-way","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/eurusd-upwards-correction-on-its-way\/","title":{"rendered":"EURUSD: upwards correction on its way"},"content":{"rendered":"<div id=\"inves-3559640850\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 5, 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 Monday the 4<sup>th<\/sup> of March, trading on the euro closed down. After the breakout of the trend line at 1.1360, the single currency shed 0.45% against the dollar to reach 1.1309. Interestingly, the euro dropped during a decline in US10Y bond yields. In theory, after seeing progress in the talks between the US and China, we should have seen an increased appetite for risk. Yesterday, however, the only risky asset to appreciate was oil.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul>\n<li>10:30 Switzerland: CPI (Feb).<\/li>\n<li>11:15 Spain: Markit services PMI (Feb).<\/li>\n<li>11:45 Italy: Markit services PMI (Feb).<\/li>\n<li>11:50 France: Markit services PMI (Feb).<\/li>\n<li>11:55 Germany: Markit services PMI (Feb).<\/li>\n<li>12:00 Eurozone: Markit services PMI (Feb).<\/li>\n<li>12:30 UK: Markit services PMI (Feb), FPC statement.<\/li>\n<li>13:00 Eurozone: retail sales (Jan).<\/li>\n<li>17:45 US: Markit services PMI (Feb).<\/li>\n<li>18:00 US: ISM non-manufacturing PMI (Feb), new home sales (Dec).<\/li>\n<li>18:35 UK: BoE Governor Carney\u2019s speech.<\/li>\n<li>22:00 US: monthly budget statement (Jan).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_050319_0.png\" alt=\"EURUSD H1\" data-align=\"center\" data-entity-type=\"file\" data-entity-uuid=\"deb73540-fa75-4a0c-8341-dc97d2e217b9\" \/><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>My expectations of a trend line breakout were met in full. I think that the euro\u2019s drop was a bit excessive given yesterday\u2019s newsfeed.<\/p>\n<p>Today I expect to see an upwards correction on the euro. We may even see a new high in the near future. US President Donald Trump has renewed his criticism of Fed Chair Jerome Powell, saying that the US dollar is too strong, thereby hampering the US economy. I think that when the US and China sign a new trade deal, he will start making moves to weaken the dollar in order to make American businesses more profitable.<\/p><div id=\"inves-22901022\" 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>Today I expect the euro to recover to 1.1371. That\u2019s what my pricing models predict. We\u2019ll see today whether or not the bulls want to break through the LB line. The 1.1356 \u2013 1.1362 range is providing resistance.<\/p>\n<p>The ECB meeting and NFP report will take centre stage this week.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: upwards correction on its way<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Monday the 4th of March, trading on the euro closed down. After the breakout of the trend line at 1.1360, the single currency shed 0.45% against the dollar to reach 1.1309. Interestingly, the euro dropped during a decline in US10Y bond yields. In theory, after seeing progress in 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-142997","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142997","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=142997"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142997\/revisions"}],"predecessor-version":[{"id":142998,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142997\/revisions\/142998"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=142997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=142997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=142997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}