{"id":98224,"date":"2016-11-16T05:41:05","date_gmt":"2016-11-16T10:41:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=98224"},"modified":"2016-11-16T05:41:05","modified_gmt":"2016-11-16T10:41:05","slug":"eurusd-double-bottom","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/eurusd-double-bottom\/","title":{"rendered":"EUR\/USD: double bottom?"},"content":{"rendered":"<div id=\"inves-1741509489\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 16, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Gabriel Ojimadu, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><em>Previous:<\/em><\/p>\n<p>On Tuesday the euro\/dollar closed down. In the first half of the day the euro rose to 1.0817 against the dollar. The growth in the pair was caused by UK inflation data which didn\u2019t meet market expectations.<\/p>\n<p>By the evening the situation had changed. By the opening of the American session, traders were again buying GBP and not for no reason. The GBP was rising against the other key currencies due to speculation that the UK\u2019s exit from the EU could stretch two years. Sky News highlighted the words of UK supreme court law lord Brenda Hale.<\/p>\n<p>Taking into account how the market\u2019s ditching of US bonds has calmed down for the moment, the euro\/dollar managed to stick it out at 1.0709: a minimum from 14<sup>th<\/sup> November. Support for the dollar came from US retail sales figures. According to data from CME Group\u2019s FedWatch, the likelihood of a US interest rate hike in December has risen from 86% to 90.6%.<\/p>\n<p><em>Market expectations:<\/em><\/p>\n<p>This morning\u2019s price bounce from 1.0714 and break in the trend line have given me the basis for the forming of a double bottom. Taking into account that the euro is feeling unimportant against the pound, a strengthening of the euro is expected in the second half of the day can be expected before the hourly indicators are worked off. In Asia the American bond market is still up, so my target for the euro is 1.0821.<\/p><div id=\"inves-3618565301\" 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<p><em>Day\u2019s News (GMT+3):<\/em><\/p>\n<ul class=\"list list_type_disc\">\n<li>11:00, US Saint Louis Fed president to speak;<\/li>\n<li>12:30, UK average wage changes in September, unemployment benefit applications in October and unemployment level in September;<\/li>\n<li>13:00, Swiss economic expectations from ZEW for October;<\/li>\n<li>16:30, Canadian manufacturing sales changes in September, plus US PMI and base PMI for October;<\/li>\n<li>17:15, US manufacturing capacity used in October, changes in industrial production in October;<\/li>\n<li>17:30, UK September index for leading indicators from Conference Board;<\/li>\n<li>18:00, US November housing market index from NAHB;<\/li>\n<li>18:30, US oil reserve changes for week ending 13<sup>th<\/sup> November;<\/li>\n<li>20:05, Bank of Canada deputy governor to speak.<\/li>\n<\/ul>\n<p><em>Technical Analysis:<\/em><\/p>\n<p>Intraday forecast: minimum: 1.0717 (current Asian), maximum: 1.0821, close: 1.0782.<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2016\/11\/eur_161116.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/ rate on the hourly. Source: TradingView dollar<\/p>\n<p>The likelihood of a December rate rise is up to 90.6%. The hike is already taken into account in the prices. As such, trader attention is solely on the bond market at this moment in time.<\/p>\n<p>In today\u2019s forecast I\u2019ve gone for a rise in the pair to 1.0821. Above I said that there is grounding for such reasoning: a bounce from the 1.0714 minimum in Asia and a break from the trend line. A rise to 1.0770 would be a good sign for the buyers. I expect a rise in the second half of the day since the hourly oscillator stochastic isn\u2019t set right for the purchase of euro.<\/p>\n<p>Since the euro has recently been fumbling around at the 90 degree level, I\u2019ve set my target along this Gann degree. Above it runs the upper line of the channel.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/16842_16112016\/\">EUR\/USD: double bottom?<\/a>&#8220;<\/div>\n<\/div>\n<div class=\"s_invisible_yes\"><\/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 Gabriel Ojimadu, Alpari Previous: On Tuesday the euro\/dollar closed down. In the first half of the day the euro rose to 1.0817 against the dollar. The growth in the pair was caused by UK inflation data which didn\u2019t meet market expectations. By the evening the situation had changed. By the opening of the American [&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-98224","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98224","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=98224"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98224\/revisions"}],"predecessor-version":[{"id":98225,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98224\/revisions\/98225"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=98224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=98224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=98224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}