{"id":93103,"date":"2016-07-19T06:51:54","date_gmt":"2016-07-19T10:51:54","guid":{"rendered":"http:\/\/countingpips.com\/?p=93103"},"modified":"2016-07-19T06:51:54","modified_gmt":"2016-07-19T10:51:54","slug":"eurodollar-trading-at-balance-point","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/07\/eurodollar-trading-at-balance-point\/","title":{"rendered":"Euro\/dollar trading at balance point"},"content":{"rendered":"
July 19, 2016<\/div>
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By Gabriel Ojimadu, Alpari<\/b><\/p>\n

Previous:<\/em><\/strong><\/p>\n

The euro\/dollar closed up 26 points on Monday. It updated its session maximum to 1.1083 and from there it dropped to 1.1063. The euro\/pound cross was siding with the euro bulls, so the euro felt much better against the dollar than the pound.<\/p>\n

So the euro\/pound on the hourly broke the 0.8375 resistance and a session rally to 0.8420 is expected from there. Because of this, the euro\/dollar should test 1.11. In my forecast I”ve indicated a forming of an upward triangle.<\/p>\n

Market Expectations:<\/em><\/strong><\/p>\n

It”s unlikely we”ll see a shift above 1.1115 since market participant attention this week is on the ECB meeting and Draghi holding a press conference. It”s expected that the ECB”s monetary policy will remain unchanged, but Draghi may cause a bit of a kafuffle on the market.<\/p>

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Day”s News (EET):<\/em><\/strong><\/p>\n