{"id":156657,"date":"2019-10-02T07:59:05","date_gmt":"2019-10-02T11:59:05","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=156657"},"modified":"2019-10-02T07:27:01","modified_gmt":"2019-10-02T11:27:01","slug":"eurusd-market-participants-looking-for-direction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/10\/eurusd-market-participants-looking-for-direction\/","title":{"rendered":"EURUSD: market participants looking for direction"},"content":{"rendered":"<div id=\"inves-2725224111\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 2, 2019<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"https:\/\/alpari.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Alpari.com<\/a><\/strong><\/p>\n<div class=\"-cms-content analytics-reviews-category-review-article__review\">\n<div>\n<p>On Tuesday the 1<sup>st<\/sup> of October, trading on the euro closed up. The pair spent most of its time in a sideways trend. During the day, the rising crosses pushed the EURUSD pair up to 1.0908 following a rise in German 10-year bond yields. The pair shot up from 1.0885 to 1.0943 on the back of weak US data.<\/p>\n<p>The ISM manufacturing PMI dropped from 49.1 to 47.8 (its lowest value since June 2009). Any value below 50 is typically indicative of a slowdown in manufacturing activity.<\/p>\n<p>The S&amp;P500 index has dropped by 1.25%. US10Y bond yields dropped by 7.79% to 1.61%.<\/p>\n<p><strong><em>Day\u2019s news (GMT+3):<\/em><\/strong><\/p>\n<ul>\n<li>11:30 UK: Markit construction PMI (Sep).<\/li>\n<li>15:15 US: ADP employment change (Sep).<\/li>\n<li>16:00 US: Fed\u2019s Harker speech.<\/li>\n<li>17:30 US: EIA crude oil stocks change (27 Sep).<\/li>\n<li>17:50 US: Fed\u2019s Williams speech.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/storage\/inline-images\/eur_021019_0.png\" alt=\"EURUSD H1\" data-entity-type=\"file\" data-entity-uuid=\"5b0e5937-621b-4143-9b70-2ab2de59d02a\" \/><strong><em>Current situation:<\/em><\/strong><\/p>\n<p>Since the 26<sup>th<\/sup> of September, the euro has been fluctuating amid mixed data. The price has been tending downwards within a complex structure. The growth on Tuesday ran out of steam at the upper boundary of the channel. We were expecting this level to be broken on the 30<sup>th<\/sup> of September, but the bulls were beaten back to 1.0885.<\/p>\n<p>The last two days have seen near-identical trading volumes with the pair moving in opposite directions, and 70% of it taking place in the lower half of the price range. The rate dropped sharply on the 30<sup>th<\/sup> of September, after which the pair traded sideways as the volume built up. The pair initially traded within the lower half of the range on the 1<sup>st<\/sup> of October before moving to 1.0943.<\/p>\n<p>Yesterday, we mentioned that there is a lack of drivers for the euro to grow, except for within a correction to the broadly weaker dollar. The pair bounced from the upper line of the channel. Another channel has formed within this one. There are signs of a reversal, but we\u2019re keeping an eye on the lower highs. This is a bad sign for buyers.<\/p>\n<p>One news item has caught our eye. The Atlanta Fed has projected a 1.8% rise in US GDP for Q3 against a previous forecast of 2.1%. The third quarter has now come to an end. The first reading of US GDP will soon be published. If it comes out at 1.8%, the euro will rise, as markets will again start factoring in a rate slash by the Fed. For now, we\u2019re keeping an eye on the market from the sidelines.<\/p>\n<\/div>\n<\/div>\n<p><strong>By <a href=\"https:\/\/alpari.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Alpari.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alpari.com On Tuesday the 1st of October, trading on the euro closed up. The pair spent most of its time in a sideways trend. During the day, the rising crosses pushed the EURUSD pair up to 1.0908 following a rise in German 10-year bond yields. The pair shot up from 1.0885 to 1.0943 on [&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-156657","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156657","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=156657"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156657\/revisions"}],"predecessor-version":[{"id":156658,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/156657\/revisions\/156658"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=156657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=156657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=156657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}