{"id":99258,"date":"2016-12-08T07:01:22","date_gmt":"2016-12-08T12:01:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=99258"},"modified":"2016-12-08T07:01:22","modified_gmt":"2016-12-08T12:01:22","slug":"eurusd-euro-strengthening-before-ecb-convenes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/12\/eurusd-euro-strengthening-before-ecb-convenes\/","title":{"rendered":"EUR\/USD: euro strengthening before ECB convenes"},"content":{"rendered":"<div id=\"inves-1298826713\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">December 8, 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 Wednesday the euro dollar restored to 1.0768 on the back of a rise in the euro\/pound cross. The cross didn\u2019t hinder the key pair during the European session. My expectations for the market rang true.<\/p>\n<p><strong><em>Market expectations:<\/em><\/strong><\/p>\n<p>In Asia the euro rose to 1.0785 against the dollar. The euro has been in a correction phase since 24<sup>th<\/sup>November, strengthening in a W-shaped pattern. Today the pair\u2019s key events are the ECB meeting and Draghi holding a press conference. I never bother with a forecast when Draghi holds press conferences. It\u2019s not clear what the head of the ECB will say after the Bank has convened. It would be decent if the price hits around 1.0733-1.0742 by the start of the press conference. The first level is the 45<sup>th<\/sup> Gann degree and the second is the LB.<\/p>\n<p><strong><em>Day\u2019s News (GMT+3):<\/em><\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>15:45, ECB December interest rate decision;<\/li>\n<li>16:15, Canadian construction started in November;<\/li>\n<li>16:30, Canadian construction permits issued in October, primary market house price index for October, economic capacity usage in Q3 of 2016, ECB press conference and US unemployment benefit applications for the week ending 3<sup>rd<\/sup> December;<\/li>\n<li>18:30, US gas reserves for the week ending 3<sup>rd<\/sup> December.<\/li>\n<\/ul>\n<p><strong><em>Technical Analysis:<\/em><\/strong><\/p><div id=\"inves-797756681\" 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><img decoding=\"async\" src=\"http:\/\/www.alpari.ru\/data\/media\/trunk\/images\/Analytics\/2016\/12\/eur_081216.png\" alt=\"\" \/><\/p>\n<p align=\"center\">Euro\/ rate on the hourly. Source: TradingView dollar<\/p>\n<p>Intraday forecast: minimum: n\/a, maximum: n\/a, close: n\/a.<\/p>\n<p>The euro\/dollar rose from the LB to 1.0785. The growth stopped in Asia at the 67<sup>th<\/sup> degree. If we go off a mirrored W-shaped pattern from 1.0796, the growth should continue to 1.0796\/1.0800. If we take today\u2019s press conference and expectations regarding an extension of QE into account, the rate should return to around 1.0733-1.0742. The first level is the 45<sup>th<\/sup> Gann degree and the second is the LB. 1.0800 is 30 full cycles along 360 degrees. This is a powerful level both from a technical point of view and from a psychological one as it is a round number.<\/p>\n<p>I never bother with a forecast when Draghi holds press conferences. He is unpredictable and it\u2019s never clear what questions he will be asked. If the euro rises in Asia, it\u2019s highly likely that it will fall in Europe.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"http:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/17230_08122016\/\">EUR\/USD: euro strengthening before ECB convenes<\/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\u00a0Gabriel Ojimadu, Alpari Previous: On Wednesday the euro dollar restored to 1.0768 on the back of a rise in the euro\/pound cross. The cross didn\u2019t hinder the key pair during the European session. My expectations for the market rang true. Market expectations: In Asia the euro rose to 1.0785 against the dollar. The euro has [&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-99258","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99258","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=99258"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99258\/revisions"}],"predecessor-version":[{"id":99259,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/99258\/revisions\/99259"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=99258"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=99258"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=99258"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}