By: Bradley C. Smith
Bollinger Bands below their centerline, Full Stochastics below far their centerline, RSI far below their centerline, only the volatile StochRSI is above it's centerline. Looks like the EUR/USD is due for a rise according to the technicals. Price action would say the same thing, after three down days, some relief is needed to let traders feel comfortable with where the pair is headed. The pending home sales forecast also helps the day look down for the Dollar.
The technicals have two above and two below their centerlines, price action seems choppy but comfortable just below the week's open and the news does not bode well for the Dollar. Technicals lag, price action is in the past and if that news released really is devastating for the Dollar, a long on this pair might be in order.
10:00am est USD
Pending Home Sales m/m Forecast 4.9% Previous 5.3%
