Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Manufacturing PMI for March is predicted at 51.1. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for February, reported at 51.5.
The Italian HCOB Manufacturing PMI for March is predicted at 48.9. Forex traders can compare this to the Italian Manufacturing PMI for February, reported at 48.7.
The Final French HCOB Manufacturing PMI for March is predicted at 45.8. Forex traders can compare this to the French Manufacturing PMI for February, reported at 47.1.
The Final German HCOB Manufacturing PMI for March is predicted at 41.6. Forex traders can compare this to the German Manufacturing PMI for February, reported at 42.5.
The Final Eurozone HCOB Manufacturing PMI for March is predicted at 45.7. Forex traders can compare this to the Eurozone Manufacturing PMI for February, reported at 46.5.
The Preliminary German CPI for March is predicted to increase by 0.5% monthly and 2.2% annualized. Forex traders can compare this to the German CPI for February, which rose by 0.4% monthly and 2.5% annualized. The EU Harmonized German CPI for March is predicted to expand by 0.7% monthly and 2.4% annualized. Forex traders can compare this to the EU Harmonized German CPI for February, which accelerated by 0.6% monthly and 2.7% annualized.
UK Mortgage Approvals for February are predicted at 57.00K. Forex traders can compare this to UK Mortgage Approvals for January, reported at 55.23K.
UK Net Consumer Credit for February is predicted at £1.600B, and Net Mortgage Lending is predicted at -£0.150B. Forex traders can compare this to UK Net Consumer Credit for January, reported at £1.877B, and Net Mortgage Lending, reported at -£1.090B. UK Net Lending to Individuals for February is predicted at £1.200B. Forex traders can compare this to UK Net Lending to Individuals for January, reported at £0.791B.
UK M4 Money Supply for February is predicted to increase by 0.2% monthly. Forex traders can compare this to UK M4 Money Supply for January, which decreased 0.1% monthly.
The final UK HCOB/CIPS Manufacturing PMI for March is predicted at 49.9. Forex traders can compare this to the UK HCOB/CIPS Manufacturing PMI for February, reported at 47.5.
The forecast for the EUR/GBP is cautiously bullish after stabilizing at its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, but the Ichimoku Kinko Hyo Cloud shows signs of an upswing. Traders should also monitor the CCI after drifting higher following a double breakdown from extreme overbought territory and below zero. A breakout above zero could trigger a price action reversal. Can bulls regain control over the EUR/GBP and push this currency pair into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/GBP remain inside the or breakout above the 0.8535 to 0.8565 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8550
- Take Profit Zone: 0.8605 – 0.8620
- Stop Loss Level: 0.8515
Should price action for the EUR/GBP breakdown below 0.8535, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8515
- Take Profit Zone: 0.8460 – 0.8490
- Stop Loss Level: 0.8535
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