By: Bradley C. Smith
No sharp and clear retracement that acknowledged last week's one day jump upward has happened. The EUR/USD has also opened the week crawling downward. The hardest hitting news item to effect this pair today, is not forecast to favor America's half of this member of the majors. That news item stands alone, market movers have been manifesting their will and intentions by lowering the value of the Euro from day one of this week. Every one of the technical windows is voting for a downward movement today also. The day will likely end down according to the daily chart it seems.
Diving downward this pair was swiftly corrected yesterday. This was not a sign of any upward movement coming though. Right away on the three hour chart, pip movement started to bring the EUR/USD lower. A three hour bar closing up could justify a short today, for the reasons in the first paragraph.
10:00am est USD
ISM Non-Manufacturing PMI Forecast 55.1 Previous 55.4
