By: Bradley C. Smith
Heavy news is favoring the Euro today for a change. The likely retracement that might follow the recent rise in the last four trading days however does not. The Bollinger Bands, Full Stochastics, StochRSI and RSI rising higher than they have in recent weeks could mean this high period for the EUR/USD will make traders uncomfortable and this pair will be kept range bound or moving downward.
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Range bound or moving down, the clear high on the three hour chart needs to be shorted. Each of the four technicals supports it, just keep a stop-loss following along until the Euro is ready for a power play.
4:00am est EUR
German Ifo Business Climate Forecast 96.2 Previous 95.8
10:00am est USD
CB Consumer Confidence Forecast 55.0 Previous 55.9