EUR/USD, Uptrend Knows no End

By: Bradley C. Smith

Despite technical indicators having taken themselves to the top of the screen, the trend combined with a unfortunate forecast for the Dollar today, will help the EUR/USD to rise. The doomed dollar can not be helped by the technicals, they are lagging and only help give insight into the ebb and flow of market sentiment, today the trend and news favoring that trend are what I would bank on.

Money that moves the market has not let up since the week has opened, showing strong support for the Euro. The news release today and the trend should solidify any decision to open a long trade on this pair. This is also a hard lesson on how technicals are lagging, as each is high and telling us that the pair should go down today, yet would you dare open a short against the trend, this forecast and the “market movers”?

10:00am est USD
CB Consumer Confidence                  Forecast 51.3                           Previous 52.9