By: Bradley C. Smith
Nearly two weeks finished with no significant retracement in the rise or show of weakness from the Euro. Today the technicals tell a prelude about a pair that is due to plummet, with three of them over their centerlines and the stalwart RSI on the fence. Price action has the EUR/USD ready for altitude sickness as well.
Though each technical is prepared to drag this major pair down. Major news overrides lagging technicals. Unemployment claims for the good'ol USA just had their way with the Dollar. Isolating any trades today to buys on the EUR/USD would be advisable, in sanitary terms, especially with 10:00 am's forecast ready to hit the USD while it's down.
8:30am est USD
Core CPI m/m Actual 0.1% Previous 0.0%
8:30am est USD
Unemployment Claims Actual 472K Previous 456K
10:00am est USD
Philly Fed Manufacturing Index Forecast 21.1 Previous 21.4
EUR/USD, Dollar Hit While It's Down Today
DailyForex.com