Source: PaxForex Premium Analytics Portal, Fundamental Insight
The French Business Survey for February is predicted at 99. Forex traders can compare this to the French Business Survey for January, reported at 99.
The Preliminary French HCOB Manufacturing PMI for February is predicted at 43.5, the Preliminary French HCOB Services PMI at 45.7, and the Preliminary French HCOB Composite PMI at 45.0. Forex traders can compare this to the French HCOB Manufacturing PMI for January, reported at 43.1, the French HCOB Services PMI at 45.4, and the French HCOB Composite PMI at 44.6.
The Preliminary German HCOB Manufacturing PMI for February is predicted at 46.1, the Preliminary German HCOB Services PMI at 48.0, and the Preliminary German HCOB Composite PMI at 47.5. Forex traders can compare this to the German HCOB Manufacturing PMI for January, reported at 45.5, the German HCOB Services PMI at 47.7, and the German HCOB Composite PMI at 47.0.
The Preliminary Eurozone HCOB Manufacturing PMI for February is predicted at 47.0, the Preliminary Eurozone HCOB Services PMI at 48.8, and the Preliminary Eurozone HCOB Composite PMI at 48.5. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for January, reported at 46.6, the Eurozone HCOB Services PMI at 48.4, and the Eurozone HCOB Composite PMI at 47.9.
The Final Italian CPI for January is predicted to rise 0.3% monthly and 0.8% annualized. Forex traders can compare this to the Italian CPI for December, which increased by 0.2% monthly and 0.6% annualized. The Final Italian Harmonized CPI for January is predicted to drop by 1.1% monthly and expand by 0.9% annualized. Forex traders can compare this to the Italian Harmonized CPI for December, which rose by 0.2% monthly and 0.5% annualized.
The Final Eurozone CPI for January is predicted to decrease by 0.4% monthly and increase by 2.8% annualized. Forex traders can compare this to the Eurozone CPI for December, which rose by 0.2% monthly and 2.9% annualized. The Final Eurozone Core CPI for January is predicted to drop by 0.9% monthly and expand by 3.3% annualized. Forex traders can compare this to the Eurozone Core CPI for December, which accelerated by 0.5% monthly and 3.4% annualized. The Final Eurozone Harmonized Core CPI for January is predicted to decrease by 0.6% monthly and increase by 3.6% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for December, which expanded 0.3% monthly and 3.9% annualized.
Canadian Retail Sales for December are predicted to increase by 0.8% monthly, and Canadian Core Retail Sales by 0.7% monthly. Forex traders can compare this to Canadian Retail Sales for November, which decreased by 0.2% monthly, and Canadian Core Retail Sales, which dropped by 0.5% monthly.
The forecast for the EUR/CAD is bearish after the descending Ichimoku Kinko Hyo Cloud rejected price action. The Tenkan-sen and Kijun-sen have flatlined, suggesting the lack of short-term upside momentum. Traders should also monitor the CCI in extreme overbought territory. This technical indicator began to move lower, and a breakdown below 100 could trigger a sell-off. Can bears overpower bulls and force the EUR/CAD into its 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 1.4555 to 1.4625 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4590
- Take Profit Zone: 1.4325 – 1.4285
- Stop Loss Level: 1.4660
Should price action for the EUR/CAD breakout above 1.4625, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4660
- Take Profit Zone: 1.4735 – 1.4795
- Stop Loss Level: 1.4625
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