{"id":97441,"date":"2016-10-28T07:16:10","date_gmt":"2016-10-28T11:16:10","guid":{"rendered":"http:\/\/countingpips.com\/?p=97441"},"modified":"2016-10-28T07:16:10","modified_gmt":"2016-10-28T11:16:10","slug":"eurusd-pinbar-formed-on-the-daily","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/eurusd-pinbar-formed-on-the-daily\/","title":{"rendered":"EUR\/USD: pinbar formed on the daily"},"content":{"rendered":"<div id=\"inves-533459696\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 28, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><div class=\"reviews-item__header\">\n<div class=\"reviews-item__info s_float_l\">\n<p><strong>By\u00a0Gabriel Ojimadu, Alpari<\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>On Thursday the USD managed to strengthen throughout the market during the American session. This allowed the sellers to close the daily candle down for the euro (pinbar). The US stats came out decent, but I think that the strengthening of the dollar was caused by technical factors and not fundamental ones. The euro dropped from its 1.0942 maximum to 1.0883.<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>In my forecast I\u2019ve gone for a V shaped formation. It\u2019s not worth being too serious with it since the news breaks all the patterns. Let\u2019s bear in mind that there\u2019s some important events planned for this Friday.<\/p>\n<p>On Friday market participant attention will be on US Q3 GDP figures. <em>The preliminary GDP figures have a powerful effect on all the markets. It\u2019s expected that the US economy in Q3 grew by 2.5% YoY. The assessment is a high one, so if the data doesn\u2019t reach the forecast, the dollar will crumble throughout the market.<\/em><\/p>\n<p><strong><em>Day\u2019s News (GMT+3):<\/em><\/strong><\/p><div id=\"inves-1504108435\" 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>10:00, Swiss economic barometer from KOF for October;<\/li>\n<li>10:30, ECB\u2019s Coeure to speak;<\/li>\n<li>15:00, German October CPI;<\/li>\n<li>15:30, US Q3 GDP and labour force cost for Q3 of 2016;<\/li>\n<li>17:00, US reassessed consumer confidence index and inflation expectations from Michigan university for October;<\/li>\n<li>20:00, US drilling rigs from Baker Hughes.<\/li>\n<\/ul>\n<p><strong><em>Technical Analysis:<\/em><\/strong><\/p>\n<p>Intraday forecast: minimum: 1.0869, maximum: 1.0911 (current Asian), close: 1.0894.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2016\/10\/eur_281016.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/dollar rate on the hourly. Source: TradingView<\/p>\n<p>The euro didn\u2019t make it too the calculated level. Time was lost on the European session during the rise of the euro bulls to 1.0942. From here the price dropped to 1.0833. In Asia the pair is trading at around 1.0903. Since a pinbar has formed on the daily, I\u2019m expecting to see the euro weaken further to 1.0868. If there were no upward correction from 1.0833, we could be looking at a target of 1.0851. If the US GDP figures meet market expectations, we can expect the price to fall to 1.0851. I reckon that the market will sit in a sideways until next Friday when the NFP comes out.<\/p>\n<div class=\"s_invisible_yes\">Source: <strong>alpari.com<\/strong>, &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/16524_28102016\/\">EUR\/USD: pinbar formed on the daily<\/a>&#8220;<\/div>\n<\/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: On Thursday the USD managed to strengthen throughout the market during the American session. This allowed the sellers to close the daily candle down for the euro (pinbar). The US stats came out decent, but I think that the strengthening of the dollar was caused by technical factors and not fundamental [&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-97441","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97441","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=97441"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97441\/revisions"}],"predecessor-version":[{"id":97442,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/97441\/revisions\/97442"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=97441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=97441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=97441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}