{"id":143678,"date":"2019-03-15T07:55:11","date_gmt":"2019-03-15T11:55:11","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=143678"},"modified":"2019-03-15T07:11:54","modified_gmt":"2019-03-15T11:11:54","slug":"eurusd-test-of-the-trend-line-likely-ahead-of-the-weekend","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/eurusd-test-of-the-trend-line-likely-ahead-of-the-weekend\/","title":{"rendered":"EURUSD: test of the trend line likely ahead of the weekend"},"content":{"rendered":"<div id=\"inves-1982190503\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 15, 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 Thursday the 14<sup>th<\/sup> of March, the euro slid to 1.1294 against the dollar after 4 days of growth. All the major pairs underwent a downwards correction as everyone had their eyes on the Brexit votes.<\/p>\n<p>The UK parliament held votes on several amendments relating to the UK\u2019s terms of exit from the EU. The House of Commons voted to delay the date of departure to the 30<sup>th<\/sup> of June assuming that the EU agrees to it on the 20<sup>th<\/sup> of March. Parliament also rejected the idea of a second referendum.<\/p>\n<p>Theresa May will now head to Brussels to formally request an extension to Article 50 of the Lisbon Treaty. The EU27 will then have to make a unanimous decision on whether or not to move the date of departure. The pound is set to continue experiencing high levels of volatility over the coming days.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>13:00 Eurozone: CPI (Feb).<\/li>\n<li>15:30 Canada: manufacturing shipments (Jan).<\/li>\n<li>15:30 US: NY Empire State manufacturing index (Mar).<\/li>\n<li>16:15 US: industrial production (Feb).<\/li>\n<li>17:00 US: Michigan consumer sentiment index (Mar).<\/li>\n<li>20:00 US: Baker Hughes US oil rig count.<\/li>\n<li>23:00 US: net long-term TIC flows (Jan).<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_150319_0.png\" alt=\"EURUSD H1\" data-align=\"center\" data-entity-type=\"file\" data-entity-uuid=\"6ff41209-378d-47de-b2e5-696ebb6ae21c\" \/><\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p><div id=\"inves-4225379227\" 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>I didn\u2019t make a forecast yesterday, although I was expecting a correction first and foremost given that the pair had rebounded from the 135<sup>th<\/sup> degree and was trading within the reversal zone. The bulls tried to restart the uptrend from the 22<sup>nd<\/sup> degree, but as we can see, the bullish impulse ran out of steam on the back of the US dollar\u2019s rise. The pair revisited the trend line and the LB.<\/p>\n<p>As we await the opening of the European session, the EURUSD pair is trading at 1.1317. The euro jumped to 1.1327 in Asia following a rise on the Aussie and Kiwi dollars. Since the trend line remains intact, and we\u2019re awaiting further developments on Brexit, there\u2019s still a chance of revisiting the 1.1338 mark. Moreover, US President Trump hinted in a statement that it would become clear in the next 3 &#8211; 4 weeks whether or not the US and China can reach a trade deal. This is good for risky assets, including the euro.<\/p>\n<p>Today, the Eurozone will publish its inflation figures for February. This is the only thing that could have a short-lived effect on the euro. Annual CPI is expected to come out at 1.5%, with the core component at 1.0%. The monthly value, however, may post a decline of 0.1% against a previous reading of 0.3%.<\/p>\n<p>In my forecast today, I\u2019m expecting an unsuccessful test of 1.1330 as well as a test of the trend line. I\u2019ve done the forecast up to the 19<sup>th<\/sup> of March so you can see my thoughts on the next few trading days. The decline to the 67<sup>th<\/sup> degree will only be possible after the bears break through the trend line. I\u2019m predicting this break to happen on Monday, but it could happen in today\u2019s US session.<\/p>\n<p>From 10:00 (GMT+3) on the 15<sup>th<\/sup> of March to 14:00 on the 18<sup>th<\/sup> of March, the cycles show a phase of decline. Be warned that the cycles don\u2019t take future events into account; they\u2019re simply constructed on the basis of past price behavior and there\u2019s no guarantee as to whether or not they\u2019ll work. The fundamentals are more important than indicators and any methods of analysis.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: test of the trend line likely ahead of the weekend<\/a>&#8220;<\/div>\n<div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Thursday the 14th of March, the euro slid to 1.1294 against the dollar after 4 days of growth. All the major pairs underwent a downwards correction as everyone had their eyes on the Brexit votes. The UK parliament held votes on several amendments relating to the UK\u2019s terms of [&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-143678","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143678","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=143678"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143678\/revisions"}],"predecessor-version":[{"id":143679,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/143678\/revisions\/143679"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=143678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=143678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=143678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}