Bollinger bands is one of the most popular technical indicators used for evaluating price volatility - narrow, horrizonal bands indicate a low volatility level, while wide,upward/downward sloping bands indicate a rise in volatility.(see chart below)

A trader does not need to know details of the released information. He/She has to be aware that the currency price might breakout upwards through the resistance or downwars through the support. Therefore two entry orders should be placed for each secenario. A BUY order should be placed a few pips above the resistance level in case the price starts an upward rally and a SELL order should be placed in case prices drop following the release.The following strategy should be applied:

Long
10 minutes before the scheduled release of new economic data (8:30 EST for most of US data) place a BUY order 5-10 pips above the upper Bollinger band
Place a protective STOP 10-15 pips(depending on how much you are willing to risk) below the entry price and place a LIMIT at 20-30 pips above the entry price.
Once the trade move in your direction you can trail your STOP or take 20-30 pip profit.

Short
10 minutes before the scheduled release of new economic data (8:30 EST for most of US data) place a SELL order 5-10 pips below the lower Bollinger band
Place a protective STOP 10-15 pips(depending on how much you are willing to risk) above the entry price and place a LIMIT at 20-30 pips below the entry price.
Once the trade move in your direction you can trail your STOP or take 20-30 pip profit.

Breakout strategy chart setup (example)

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