By: Bradley C. Smith
The two most powerful news items for the EUR/USD today on November 6th should contradict each other, so I look to the technicals.
The daily chart loaded up with the Bollinger Bands, Full Stochastics, Stoch RSI and trusty RSI, speaks to me of a range bound market with a slight trent downward. This is because all the indicators are at their centerline or just above except the StochRSI.
The same indicators committed to the three hour chart confirm my analysis. They are much higher than the centerline and ready for the pair to fall. Because I can not foresee the future, my best guess is the 6th will be a day that will see the EUR/USD between, 1.4850 and 1.4910.
8:30am est USD Non-Farm Employment Change Forecast -173K Previous -263K
8:30am est USD Unemployment Rate Forecast 9.9% Previous 9.8%
Technicals Overpower the News Today, the EUR/USD Goes Down
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