By: Bradley C. Smith
With both of the heaviest news items for the EUR/USD canceling each other out, with good and bad news for the Dollar, let's turn to the technicals for some insight into how the market movers might justify their trades today. Only the StochRSI is high, each of the other indicators is asking yesterday's rise to continue, the trend will likely override that request.
The closer look the three hour chart allows, agrees with the trend. This could easily be interpreted as being in a overbought period by the market movers, with all four indicators being over their centerlines and yesterday's rise, when today's news hits. Sell the clear highs and stay out when the news hits today.
8:30am est USD
Prelim GDP q/q Forecast 5.6% Previous 5.7%
10:00am est USD
Existing Home Sales Forecast 5.51M Previous 5.45M
