{"id":96976,"date":"2016-10-19T07:55:58","date_gmt":"2016-10-19T11:55:58","guid":{"rendered":"http:\/\/countingpips.com\/?p=96976"},"modified":"2016-10-19T07:29:07","modified_gmt":"2016-10-19T11:29:07","slug":"eurusd-bounce-from-1-0974-highly-likely","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/eurusd-bounce-from-1-0974-highly-likely\/","title":{"rendered":"EUR\/USD: bounce from 1.0974 highly likely"},"content":{"rendered":"<div id=\"inves-3888155554\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 19, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By\u00a0Gabriel Ojimadu, Alpari<\/strong><\/p>\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>Euro trading on Tuesday finished down. The euro\/dollar fell during the American session to 1.0970. The euro lost against the dollar and pound. The pound strengthened after the publication of inflation data from the UK which exceeded expected levels and lowered the need for the country\u2019s central bank to drop their interest rate. Speculators are also trying their hand on rumours that the UK parliament might vote against leaving the EU. As a result, the euro was under pressure from the cross.<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>The euro\/dollar on the hourly is in a correctional phase. 1.0974 is a good support. Taking into account that bullish signals are forming on the old time frames, in my forecast I\u2019ve gone for a revival of the price to 1.1022. Since many traders have long positions, the fall of the pair could reach 1.0962. Here we need to keep an eye on all cross pairs. If the euro isn\u2019t being sold in them, 1.0974 should hold out.<\/p>\n<p><strong><em>Day\u2019s News (GMT+3):<\/em><\/strong><\/p><div id=\"inves-3407700300\" 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<ul class=\"list list_type_disc\">\n<li>11:30, UK average wage index for August, unemployment benefit applications for September and August unemployment level;<\/li>\n<li>15:30, construction permits issued and foundations lain in September;<\/li>\n<li>17:00, BoC monetary policy report and interest rate statement;<\/li>\n<li>17:30, Australian index for leading indicators from Conference Board in August, US oil reserve changes for week ending 16<sup>th<\/sup> October;<\/li>\n<li>18:15, BoC press conference;<\/li>\n<li>20:00, BoE\u2019s head economist to speak;<\/li>\n<li>21:00, release of US Fed\u2019s Beige Book;<\/li>\n<li>23:15, BoC\u2019s governor to speak.<\/li>\n<\/ul>\n<p><strong><em>Technical Analysis:<\/em><\/strong><\/p>\n<p>Intraday forecast: minimum: 1.0975, maximum: 1.1022, close: 1.1010.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2016\/10\/eur_191016.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/dollar rate on the hourly. Source: TradingView<\/p>\n<p>The euro dropped to 1.0970 during the European session without updating the maximum. As I said above, the euro is under pressure from the euro\/pound cross after the publication of UK inflation data. Market participants are also biting their nails before tomorrow\u2019s ECB meeting and Mario Draghi speaking. They have no clue what decision the regulator will take with regards to QE.<\/p>\n<p>I\u2019m more inclined to use the 4-hour and daily graphs in the current situation. The indicators on these time frames are starting to signal a strengthening of the euro. Pay attention to the fact that I have two scenarios. I don\u2019t know whether there will be a piercing of the lower limit of channel 2. Although the old time frames are indicating a turnaround for the euro, the hourly indicators are for a fall of the euro. Also don\u2019t forget that long\/short at the moment is 78\/22. There are too many traders to lift it. As such, at the moment we\u2019re likely to see a fall in the rate, maybe even an update of 17\/10\/16\u2019s minimum and then we should rise. Draghi could fell correct the price pattern on Thursday to where we need it to be.<\/p>\n<div class=\"s_invisible_yes\"><strong>Source: alpari.com<\/strong>, &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/16359_19102016\/\">EUR\/USD: bounce from 1.0974 highly likely<\/a>&#8220;<\/div>\n<div class=\"s_invisible_yes\"><\/div>\n<div class=\"s_invisible_yes\"><\/div>\n<div class=\"s_invisible_yes\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Gabriel Ojimadu, Alpari Previous: Euro trading on Tuesday finished down. The euro\/dollar fell during the American session to 1.0970. The euro lost against the dollar and pound. The pound strengthened after the publication of inflation data from the UK which exceeded expected levels and lowered the need for the country\u2019s central bank to drop their [&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-96976","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96976","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=96976"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96976\/revisions"}],"predecessor-version":[{"id":96977,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/96976\/revisions\/96977"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=96976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=96976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=96976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}