{"id":99205,"date":"2016-12-07T07:18:32","date_gmt":"2016-12-07T12:18:32","guid":{"rendered":"http:\/\/countingpips.com\/?p=99205"},"modified":"2016-12-07T07:18:32","modified_gmt":"2016-12-07T12:18:32","slug":"eurusd-expected-bounce-from-lb","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/12\/eurusd-expected-bounce-from-lb\/","title":{"rendered":"EUR\/USD: expected bounce from LB"},"content":{"rendered":"<div id=\"inves-1000129643\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 7, 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 Tuesday the euro\/dollar closed down. The euro lost 87 points against the dollar (to 1.0698), whilst the British pound lost 113 points (falling to 1.2656). For me these were both classic corrections after a real strengthening for both currencies.<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>We should mark out the industrial manufacturing data in the UK and the US oil reserve statistics as the main events on the calendar today. The first will have an effect on the pound and the second will have an effect on oil and commodity currencies. Via the crosses there will be price fluctuations of the key pairs against the dollar.<\/p>\n<p>The euro has almost returned to the balance line. For Wednesday I\u2019m looking at a restoral of the price to 1.0772 according to a wave structure. Here long positions can be closed and we can head off the market for when Draghi speaks at his ECB press conference on Thursday. Instead of Draghi I wanted to write Trichet, but why? Maybe he will make an announcement in the coming days.<\/p>\n<p><strong><em>Day\u2019s News (GMT+3):<\/em><\/strong><\/p><div id=\"inves-595983618\" 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 industrial production in October;<\/li>\n<li>11:00, SNB currency reserves in November;<\/li>\n<li>11:30, UK housing price index from Halifax for November;<\/li>\n<li>12:30, UK production in the manufacturing sector and industrial manufacturing data for October;<\/li>\n<li>18:00, BoC December interest rate decision, UK November GDP from NIESR, US open vacancies in October from JOLTS;<\/li>\n<li>18:30, oil and oil products reserves for the week ending 3<sup>rd<\/sup> December;<\/li>\n<li>23:00, US consumer financing in October.<\/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\/12\/eur_071216.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/ rate on the hourly. Source: TradingView dollar<\/p>\n<p>Intraday forecast: minimum: 1.0700, maximum: 1.0772, close: 1.0753.<\/p>\n<p>As I expected, the euro\/dollar updated the session minimum and then fell. The rate fell below my expected forecast of 1.0734. The support at 1.0730 didn\u2019t hold and due to a general strengthening of the dollar, the price fell to 1.0698.<\/p>\n<p>The pair\u2019s fall stopped near 90 degrees. In accordance with my forecast, I expect a bounce to 1.0772 from the LB (the average line at 55). There is a little bit of worry about the euro\/pound, so at trade opening in Europe I\u2019ve gone for a downward movement to 1.0700. The cross rate isn\u2019t looking in great shape for a growth. If the 90<sup>th<\/sup> degree will be broken (closing of the hour below 1.0690), then it would be better to stave off euro purchases. We will have to wait for a rebound to the 122-135 degree zone.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/17203_07122016\/\">EUR\/USD: expected bounce from LB<\/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<div class=\"s_invisible_yes\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0Gabriel Ojimadu, Alpari Previous: On Tuesday the euro\/dollar closed down. The euro lost 87 points against the dollar (to 1.0698), whilst the British pound lost 113 points (falling to 1.2656). For me these were both classic corrections after a real strengthening for both currencies. Market expectations: We should mark out the industrial manufacturing data in [&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-99205","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99205","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=99205"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99205\/revisions"}],"predecessor-version":[{"id":99206,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99205\/revisions\/99206"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=99205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=99205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=99205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}