By: Bradley C. Smith
Three heavy Forex news bombs today, are all forecast to counteract each other or stay the same. Turning to the technicals, Bollinger Bands, Full Stochastics and StochRSI want the EUR/USD to move down while the RSI at it's centerline is neutral and ready for anything. The three hour will have to decide.
Each indicator on the three hour chart is slightly below it's centerline, except the RSI which is on it's centerline. Though the three hour chart opposes the daily's direction, the daily will have more momentum to overpower a shorter term chart. I would only open short trades today.
5:00am est EUR
German ZEW Economic Sentiment Forecast 43.5 Previous 45.1
7:30am est USD
Building Permits Forecast 0.61M Previous 0.62M
1:15pm est USD
Federal Funds Rate Forecast <0.25% Previous <0.25%
