{"id":52516,"date":"2014-06-10T05:17:08","date_gmt":"2014-06-10T09:17:08","guid":{"rendered":"http:\/\/countingpips.com\/?p=52516"},"modified":"2014-06-10T06:18:00","modified_gmt":"2014-06-10T10:18:00","slug":"eurusd-forex-technical-analysis-june-10-2014","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/eurusd-forex-technical-analysis-june-10-2014\/","title":{"rendered":"EURUSD Forex Technical Analysis June 10, 2014"},"content":{"rendered":"
June 10, 2014<\/div>
\r\n<\/div><\/div>

By IFCMarkets<\/a><\/p>\n

Good afternoon, dear traders. Today, the main driver of the European currencies movement is the publication of the British economy indicator – change in output in the manufacturing sector, Manufacturing Production m\/m <\/b>. The indicator is released on a monthly basis. It is considered to be a key indicator for the UK economy. Particularly the manufacturing industry which makes up to 80% of the industrial production in the country is based on high-tech solutions and creates a high value added. That makes it an attractive investment. In addition, this sector is the most vulnerable to consumer sentiment, defined by unemployment and income. Thus, Manufacturing Production m\/m <\/b> can be considered as the overall macroeconomic indicator. Close trade relations of Great Britain and other EU countries allow us to consider the release of this indicator as a fundamental factor for all the European currencies.
\nCurrently a slowdown is predicted from 0.5% to 0.4%. If the forecast is too overestimated, the weakening of the European currencies is expected.<\/p>\n

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Here we consider the EUR\/USD<\/a> currency pair on the H4 chart. The price confirmed the bearish trend line simultaneously with the formation of the \u201cshooting star” bearish candlestick pattern – marked in yellow rectangle on the chart. After that the price crossed the PivotPoints<\/b> channel signal line (another bearish confirmation) and consolidated in the narrow channel. Regarding this, we expect a significant new price momentum in the red zone – “calm before the storm” effect. The downward trend is confirmed by the motion direction of the RSI-Bars<\/b> oscillator. Therefore, we expect the oscillator breakthrough at 36.71875 before the price trend continues.<\/p>\n

It would be reasonable to place a pending sell order below the Bill Williams fractal support<\/a> at 1.35799, especially as it coincides with the historic value of the ParabolicSAR<\/b> indicator. When crossing the indicator level, it will reverse to be bearish. SL can be chosen at the last fractal high or slightly below the first PivotPoints <\/b> resistance level at 1.09471. Opening a position, it is recommended to move the SL after the parabolic values every 4 hours after the order execution. Thus, we can optimize the return\/risk ratio in our favor in the process of changing market conditions. If you decide to take a break from the market, the automatic Trailing Stop<\/a> can be placed, taking the distance between the two previous fractal peaks into account.<\/p>\n\n\n\n\n\n
Direction<\/b><\/td>\ndown<\/td>\n<\/tr>\n
Position opening<\/b><\/td>\nbelow 1.35799<\/td>\n<\/tr>\n
Stop loss<\/b><\/td>\nabove 1.36677<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Market Analysis provided by IFCMarkets<\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Good afternoon, dear traders. Today, the main driver of the European currencies movement is the publication of the British economy indicator – change in output in the manufacturing sector, Manufacturing Production m\/m . The indicator is released on a monthly basis. It is considered to be a key indicator for the UK economy. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-52516","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52516","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=52516"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/52516\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=52516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=52516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=52516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}