By: Bradley C. Smith
Bollinger Bands and the RSI speak of a gentle downward movement on the 10th, while the StochRSI and Full Stochastics want a rangebound day on the daily chart. The three hour chart breaks the tie with all four indicators flying high above their centerline. I foresee a strong bounce off of the 1.5000 ceiling on the 10th. The fundamentals of the EUR/USD I hear are not good, so the 1.5000 will be broken eventually, but I am not a long term trader.
Some likely ill news for the Euro on the 10th might help keep it under 1.5000. It will be a easy choice to short the EUR/USD if there is any highs reached on a hourly chart or lower timeframe chart.
5:00am est German ZEW Economic Sentiment Forecast - 55.2 Previous - 56.0
