{"id":96278,"date":"2016-10-03T07:40:12","date_gmt":"2016-10-03T11:40:12","guid":{"rendered":"http:\/\/countingpips.com\/?p=96278"},"modified":"2016-10-03T07:40:12","modified_gmt":"2016-10-03T11:40:12","slug":"eurusd-squeezed-into-a-triangle","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/eurusd-squeezed-into-a-triangle\/","title":{"rendered":"EUR\/USD: squeezed into a triangle"},"content":{"rendered":"
October 3, 2016<\/div>
\r\n<\/div><\/div>

By\u00a0<\/b>Gabriel Ojimadu<\/strong>, Alpari<\/b><\/p>\n

I didn\u2019t bother with an intraday forecast on Friday and I was right not to do so. There was no chance I would\u2019ve been able to correctly forecast the euro\u2019s movements since the European stock market shook things up.<\/p>\n

Deutsche Bank shares lost 9% (9.89 euros) from trade opening in Europe. The euro\/dollar dropped with it to 1.1153. Then the share price rocketed 18.20% to 11.69 euros. Deutsche Bank\u2019s share price rose due to rumours that to settle the case between the US state and the bank could cost $5.4 billion and not $14 billion, as was earlier thought.<\/p>\n

The euro\/dollar rose from 1.1153 to 1.1251. As a result, a pinbar formed on the daily which was indicating a further strengthening of the euro.<\/p>\n

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

We have a V-shaped pattern on the hourly and a pinbar on the daily. Traditionally on Mondays I wait for a movement against that of Friday.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t 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>

\r\n
\r\n
\r\n

<\/a>\r\n\t 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>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Last Friday there was no one-sided movement and so my tactic today may not pay off. A triangle has formed on the hourly and from here I expect to see a rise out of it, with a subsequent fall to 1.1217. I\u2019m not paying any attention to the news today. Make sure you keep an eye on Deutsche Bank shares because sharp price fluctuations will be followed by movements for the euro.<\/p>\n

Day\u2019s News (GMT+3):<\/em><\/strong><\/p>\n