By: Bradley C. Smith
The “market movers” have their name for a reason. Trading against the trend is something many traders never do, here you can see why. The technicals indicators would have long lifted this pair up, however they are lagging indicators also. Though the forecast looks unfortunate for the Dollar, this powerful trend is unlikely to end today.
Moved in close to see the eviscerated Euro on the three hour chart, we see more of the same downward patterns. A candle that closes up and also incorporates a large range, is likely to be followed by a few down candles, in other words, profit, in this strong trend.
2:00am est EUR
German Prelim GDP q/q Forecast 0.0% Previous 0.0%
8:30am est USD
Trade Balance Forecast -40.0B Previous -39.7B
