By: Bradley C. Smith
Two strong news items will surely trump the story the lagging technicals will tell today, to any traders who wish this pair to move upward. Bollinger Bands, Full Stochastics, StochRSI and RSI will likely be dragged across the bottom of their windows again today, if these forecasts have their say.
Put to the three hour chart, the EUR/USD is ready to soar skyward, price action and any technical excuse imaginable is ready to put this pair into orbit. However technicals are lagging indicators and subject to the whims of “Market Movers” and new releases. Today I feel this pair is range bound due to the strong oversold signals from the price action and technicals wanting it to move upward and the news items wanting to keep moving it down.
8:15am est USD
ADP Non-Farm Employment Change Forecast 29K Previous -23K
10:00am est USD
ISM Non-Manufacturing PMI Forecast 56.1 Previous 55.4
