By: Bradley C. Smith
The Bollinger Bands are falling like a meteor and bringing the other three indicators with them. The Full Stochastic, StochRSI and RSI put to the daily EUR/USD chart are all aimed downward and are moving so sharply that way, they are unlikely to stop soon. Price action would dictate a retracement of course but this movement has rushed past the resistance and support levels many have put to their charts, it will stay around this level for a few more days at least.
Zooming in to see the carnage, the three hour chart is begging for a retracement. A small one might come in the form of how traders interpret the two news releases below. Other than that, keep your stops-losses tight and your trades short. Ride the slope for all it is worth.
8:30am est USD
Building Permits Forecast 0.59M Previous 0.59M
8:30am est USD
PPI m/m Forecast 0.1% Previous 1.8%
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