Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish Markit Services PMI for March is predicted at 46.0. Forex traders can compare this to the Spanish Markit Services PMI for February, reported at 43.1. The Italian Markit Services PMI for March is predicted at 49.0. Forex traders can compare this to the Italian Markit Services PMI for February, reported at 48.8. The Final French Markit Services PMI for March is predicted at 47.8, and the Final French Markit Composite PMI at 49.5. Forex traders can compare this to the French Markit Services PMI for February, reported at 45.6, and to the French Markit Composite PMI, reported at 47.0.
The Final German Markit Services PMI for March is predicted at 50.8, and the Final German Markit/BME Composite PMI at 56.8. Forex traders can compare this to the German Markit Services PMI for February, reported at 45.7, and to the German Markit/BME Composite PMI, reported at 51.1. The Final Eurozone Markit Services PMI for March is predicted at 48.8, and the Final Eurozone Markit Composite PMI at 52.5. Forex traders can compare this to the Eurozone Markit Services PMI for February, reported at 45.7, and to the Eurozone Markit Composite PMI, reported at 48.8.
The Canadian Trade Balance for February is predicted at C$1.00B. Forex traders can compare this to the Canadian Trade Balance for January, reported at C$1.41B. The Canadian Ivey PMI for March is predicted at 60.5. Forex traders can compare this to the Canadian Ivey PMI for February, reported at 60.0.
The forecast for the EUR/CAD remains bearish despite the minor rally over the. Economic data and the Covid-19 condition suggests more hardship ahead for the Eurozone. The descending Ichimoku Kinko Hyo Cloud presents significant resistance, with the Kijun-sen flat and the Tenkan-sen likely to end its drift higher. After the CCI surged into extreme overbought territory, a reversal is likely, due to faltering bullish developments. Can bears regain control of the EUR/CAD and force this currency pair into its next horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/CAD remain inside the or breakdown below the 1.4900 to 1.5000 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4950
- Take Profit Zone: 1.4500 – 1.4550
- Stop Loss Level: 1.5065
Should price action for the EUR/CAD breakout above 1.5000, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5065
- Take Profit Zone: 1.5175 – 1.5210
- Stop Loss Level: 1.5000
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