{"id":144158,"date":"2019-03-22T07:55:13","date_gmt":"2019-03-22T11:55:13","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=144158"},"modified":"2019-03-22T07:00:26","modified_gmt":"2019-03-22T11:00:26","slug":"eurusd-euro-recovering-on-the-back-on-the-pound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/03\/eurusd-euro-recovering-on-the-back-on-the-pound\/","title":{"rendered":"EURUSD: euro recovering on the back on the pound"},"content":{"rendered":"<div id=\"inves-429970804\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 22, 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 21<sup>st<\/sup> of March, trading on the US dollar index closed up. The DXY completely recovered Wednesday\u2019s losses, which were incurred after the Fed\u2019s interest rate decision and subsequent monetary policy statement along with Jerome Powell\u2019s press conference.<\/p>\n<p>This significant correction was driven by the pound\u2019s collapse. The pound came under pressure over fears that the UK could leave the European Union without a deal. All eyes are now on the European Union, who must now approve a departure date for the UK.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:15 France: Markit services PMI (Mar), Markit manufacturing PMI (Mar).<\/li>\n<li>11:30 Germany: Markit services PMI (Mar), Markit manufacturing PMI (Mar).<\/li>\n<li>12:00 Eurozone: Markit services PMI (Mar), Markit manufacturing PMI (Mar), current account (Jan).<\/li>\n<li>15:30 Canada: CPI (Feb), retail sales (Jan).<\/li>\n<li>16:45 US: Markit services PMI (Mar), Markit manufacturing PMI (Mar).<\/li>\n<li>17:00 US: existing home sales (Feb).<\/li>\n<li>20:00 US: Baker Hughes US oil rig count.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_220319_0.png\" alt=\"EURUSD H1\" data-align=\"center\" data-entity-type=\"file\" data-entity-uuid=\"32162e8d-37e6-40ae-b6fc-8f750d86358d\" \/><\/p>\n<p><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>The bulls were unable to keep up their defence of 1.1410. The pound\u2019s collapse took its toll on all the major currencies. Although the single currency got some support via the EURGBP cross, the bulls were still forced back to 1.1343. Markets completely ignored the Bank of England\u2019s meeting.<\/p><div id=\"inves-1714032085\" 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 bears have completely pared Wednesday\u2019s gains, forming a bearish engulfing on the daily timeframe. This is a bearish candlestick pattern, and since the 1.1336 low wasn\u2019t broken through, the bulls could have brought the rate back up to 1.1423.<\/p>\n<p>As today is Friday, the upwards correction is limited to 50% (1.1403) of the large candlestick from the 20<sup>th<\/sup> of March. Yesterday, this level acted as a key support for the bulls, as anyone who opened a long position above this level suffered losses. The drop intensified as traders closed their long positions.<\/p>\n<p>The pound is showing decent growth today. We\u2019re keeping an eye on Brexit news. Barring any negative headlines from the UK or EU, the euro could gather some momentum. We\u2019ve had a lot of swings this week thanks to the FOMC and Brexit.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">EURUSD: euro recovering on the back on the pound<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Matthew Anthony, Alpari Previous: On Thursday the 21st of March, trading on the US dollar index closed up. The DXY completely recovered Wednesday\u2019s losses, which were incurred after the Fed\u2019s interest rate decision and subsequent monetary policy statement along with Jerome Powell\u2019s press conference. This significant correction was driven by the pound\u2019s collapse. 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-144158","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144158","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=144158"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144158\/revisions"}],"predecessor-version":[{"id":144159,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/144158\/revisions\/144159"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=144158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=144158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=144158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}