By: Bradley C. Smith
With two news items with outcomes forecast to counteract each other, price action, trend and technicals must be turned to. Yesterday the EUR/USD displayed comfort at the 1.2300 level. Nobody knows when the trend will change until it does. Each of the four indicators put to this pair is below it's centerline, yet sentiment is still moving this pair down. Maybe there will be certain answers on the three hour chart?
Bollinger Bands, Full Stochastics, StochRSI and RSI are all at or close to their centerlines here on the three hour chart. With the trend still in play and the recent let off of steam yesterday with the price staying around the 1.2300 level, the EUR/USD is likely to allow the trend to take it where it wants to. I would enjoy that trend, by opening a trade at the close of a candle that countered that trend, if there was a candle that did that today.
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