By: Bradley C. Smith
The four technicals on this EUR/USD daily chart are far enough from their centerline to foretell a imminent retracement, within the next week. Bollinger Bands, Full Stochastics and StochRSI have bottomed out and if the retracement has not happened by then the RSI will be at the bottom with them as well. Price action shows a support level at 1.750, I would keep any trades made, long.
The four technicals on this EUR/USD daily chart are far enough from their centerline to foretell a imminent retracement, within the next week. Bollinger Bands, Full Stochastics and StochRSI have bottomed out and if the retracement has not happened by then the RSI will be at the bottom with them as well. Price action shows a support level at 1.750, I would keep any trades made, long.
Price action on the three hour chart supports the 1.750 support level. The technicals are not as certain with their signals though. This supports the EUR/USD being stable at the 1.750 range and ready to make a breakout the to upside that the technicals and larger timeframe of the daily charts are asking for.
All of the price movement and technical reasons are supported by the 8:30 est bombing of bad news for the dollar. Again, keep your trades long, short any lows before that news is released.
8:30am USD est
Trade Balance Forecast -36.9B Previous -36.5B
8:30am USD est
Unemployment Claims Forecast 463K Previous 457K
