By: Bradley C. Smith
The Bollinger Bands still open wider to accommodate the EUR/USD's march into the depths of the dollar's unforeseen ride to power. Each of the other indicators, Full Stochastics, StochRSI and RSI are at the bottom of their windows and asking some bit of news or group of market movers to lift them from the depths. On the 28th that lift will not come in the form of news, the heaviest items for this pair today cancel each other out.
The three hour chart also tells a similar story, each indicator is far below it's centerline, telling traders that a retracement is likely. They have been saying that for days now though. Remember, technical indicators are lagging. Today I would enter trades on high spikes and enter shorts only with tight stop-losses, only because, the trend is your friend as you've heard said.
8:30am est USD
Core Durable Goods Orders m/m Forecast 0.4% Previous 2.0%
8:30am est USD
Unemployment Claims Forecast 451K Previous 482K
