By: Bradley C. Smith
The tale the technicals would like to tell this day is one of a EUR/USD rising. When time and other factors are added in though, these technicals are actually rather high in their windows for their recent history. The Price action factor has this pair ready to plummet to complete the downward portion of a wave. The Trend factor has this pair enjoying the Dollar's dominance.
Overbought seems to be the theme on the three hour chart, be it from a price action angle, technical analysis angle or going against the larger trend. News today, once tallied up does not bode well for the USD. There is nothing on the level of unemployment numbers being released today though. Down after this screenshot was snapped is the determination.
8:30am est USD
Core Retail Sales m/m Forecast 0.1% Previous 0.4%
8:30am est USD
Retail Sales m/m Forecast 0.2% Previous 0.4%
9:55am est USD
Prelim UoM Consumer Sentiment Forecast 74.7 Previous 73.6