By: Bradley C. Smith
Despite two mighty news items, both lined up favoring the EUR/USD rising up on the charts today. A trio of technicals stands bravely against them. The greater trend on the daily chart, seeks to sink the EUR/USD further. Price action, would like to send this pair deeper down because we are at the top of a wave. Bollinger Band, Full Stochastics, StochRSI and RSI are all overbought for their recent history or above their centerlines and ready to see this pair plummet. The news items of note today are not employment numbers and not likely able to counter this trio.
Does the three hour chart agree? Three of the indicators is flying high and begging ground control when to land. Choose a candle that closes up and enjoy the pair floating down today if you would like to.
5:00am est EUR
German ZEW Economic Sentiment Forecast 48.7 Previous 45.8
9:00am est USD
TIC Long-Term Purchases Forecast 77.3B Previous 140.5B
EUR/USD- Trend And Technicals Taking It Down Today
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