{"id":98877,"date":"2016-11-29T06:56:36","date_gmt":"2016-11-29T11:56:36","guid":{"rendered":"http:\/\/countingpips.com\/?p=98877"},"modified":"2016-11-29T06:56:36","modified_gmt":"2016-11-29T11:56:36","slug":"eurusd-w-shaped-pattern-could-form","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/11\/eurusd-w-shaped-pattern-could-form\/","title":{"rendered":"EUR\/USD: W-shaped pattern could form"},"content":{"rendered":"<div id=\"inves-51191290\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 29, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By\u00a0Gabriel Ojimadu, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong><em>Previous:<\/em><\/strong><\/p>\n<p>On Monday, euro trading finished up by 2 points. The sellers were able to fully win back their losses incurred during the Asian session. Pressure on the USD came from a fall in American state bond yields.<\/p>\n<p>Expectations for a change of direction after the Asian session came off in full. The euro\/dollar dropped to 1.0564 from its session maximum of 1.0685 (a fall of 121 points). By the end of the day, the price had restored to 1.0613.<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>The key event this week is OPEC\u2019s meeting in Vienna on 30<sup>th<\/sup> November, in addition to Friday\u2019s NFP. Before the Fed meeting, the euro is unlikely to move far from its current position, so we can count on a continuation of a flat. Along a W-shaped pattern I expect the euro to strengthen to 1.0644. There are no important stats set to come out. The US will have a secondary GDP assessment published, but it will have hardly any effect on the market; unless, of course, there is a massive reassessment of the numbers.<\/p>\n<p><strong><em>Day\u2019s News (GMT+3):<\/em><\/strong><\/p><div id=\"inves-659198192\" 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, German October import prices;<\/li>\n<li>12:30, UK changes in private borrowing, money supply and mortgage approvals in October;<\/li>\n<li>16:00. German preliminary CPI for November;<\/li>\n<li>16:30, Canadian Q3 2016 balance of trade and US Q3 2016 GDP (second assessment);<\/li>\n<li>17:00, US housing prices in 20 city agglomerates from S&amp;P\/Case-Shiller for September;<\/li>\n<li>17:15, US NY Fed\u2019s Dudley to speak;<\/li>\n<li>18:00, US consumer confidence in November from Conference Board;<\/li>\n<li>20:40, US FOMC member Powell to speak.<\/li>\n<\/ul>\n<p><strong><em>Technical Analysis:<\/em><\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2016\/11\/eur_291116.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/ rate on the hourly. Source: TradingView dollar<\/p>\n<p>Intraday forecast: minimum: 1.0579, maximum: 1.0644, close: 1.0622.<\/p>\n<p>From a 1.0686 maximum, the euro corrected 112 degrees. The bounce from the 1.0564 minimum was a distance of 45 degrees. I\u2019ve marked out a W-shaped pattern on the hourly. I reckon that another one will be seen before the payrolls. The oscillator stochastic is in the euro buy zone. It would be decent if we see a drop to the trend line at 1.0578 and then a rally to the 67<sup>th<\/sup> degree at 1.0644. If we go off the price movements of those of 25<sup>th<\/sup> November, we have a scenario in which the price rises. In this situation I reckon we\u2019ll see a fall in the quotes to 1.0564.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/17067_29112016\/\">EUR\/USD: W-shaped pattern could form<\/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","protected":false},"excerpt":{"rendered":"<p>By\u00a0Gabriel Ojimadu, Alpari Previous: On Monday, euro trading finished up by 2 points. The sellers were able to fully win back their losses incurred during the Asian session. Pressure on the USD came from a fall in American state bond yields. Expectations for a change of direction after the Asian session came off in full. [&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-98877","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98877","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=98877"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98877\/revisions"}],"predecessor-version":[{"id":98878,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/98877\/revisions\/98878"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=98877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=98877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=98877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}