By: Bradley C. Smith
Uncommonly the four technical indicators the EUR/USD's daily chart enjoys are straying quite far from their respective centerlines. The Bollinger Bands, Full Stochastics, StochRSI and RSI agree, the EUR/USD is overbought. Price action also says the same thing, with it currently at a resistance level of 1.5100, that the technicals might have it bounce off of.
The same four technicals have reached the same conclusion on the EUR/USD's three hour chart as well. This pair is overbought and due for a trip downward. Price action on the three hour chart, like it's older cousin, says the same thing. How far downward is the issue. Recent resistance and patterns make me comfortable with 1.5075 tomorrow.
One forecast for a solid new item is good for the dollar and the other forecast for a solid bit of news forecast is bad, a third is the same. The other news items will have to be watched as it happens, so be prepared.
Minimum Bid Rate Forecast 1.00% Previous 1.00%
8:30am EUR est
ECB Press Conference
Unemployment Claims Forecast 479K Previous 466K
ISM Non-Manufacturing PMI Forecast 51.6 Previous 50.6