By: Bradley C Smith
Both heavy news items for the EUR/USD pair are forecast in different directions. So lets turn to the technicals for further insight into potential possibilities for profit from this pair. Price action shows some calm after the storm earlier this week and comfort around the 1.4100 area. Bollinger bands, Full Stochastic, StochRSI and RSI are all ready to jump up. A three hundred pip drop is huge and a retracement will be extremely likely, especially with the delay in the price dropping further.
The three hour chart shows this pair's hesitation to drop further and readiness to enjoy a retracement. All indicators are low except the mid-ranged StochRSI. I would isolate the lows that news releases or technical spikes offered and take long positions only today.
8:30am est USD
Unemployment Claims Forecast 441K Previous 444K
10:00am est USD
Philly Fed Manufacturing Index Forecast 18.1 Previous 22.5
EUR/USD, No New Lows
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