Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Services PMI for July is predicted at 56.2. Forex traders can compare this to the Spanish HCOB Services PMI for June, reported at 56.8.
The Italian HCOB Services PMI for July is predicted at 53.0. Forex traders can compare this to the Italian HCOB Services PMI for June, reported at 53.7.
The Final French HCOB Services PMI for July is predicted at 50.7, and the Final French HCOB Composite PMI at 49.5. Forex traders can compare this to the French HCOB Services PMI for June, reported at 49.6, and the French HCOB Composite PMI, reported at 48.8.
The Final German HCOB Services PMI for July is predicted at 52.0, and the Final German HCOB/BME Composite PMI at 48.7. Forex traders can compare this to the German HCOB Services PMI for June, reported at 53.1, and the German HCOB/BME Composite PMI, reported at 50.4.
The Final Eurozone HCOB Services PMI for July is predicted at 51.9, and the Final Eurozone HCOB Composite PMI at 50.1. Forex traders can compare this to the Eurozone HCOB Services PMI for June, reported at 52.8, and the Eurozone HCOB Composite PMI, reported at 50.9.
The Final UK S&P Globa/CIPS Services PMI for July is predicted at 52.4, and the Final UK S&P Globa/CIPS Composite PMI at 52.7. Forex traders can compare this to the UK S&P Globa/CIPS Services PMI for June, reported at 52.1, and the UK S&P Globa/CIPS Composite PMI at 52.3.
Eurozone Sentix Investor Confidence for August is predicted at -5.5. Forex traders can compare this to Eurozone Sentix Investor Confidence for July, reported at -7.3.
The Eurozone PPI for June is predicted to increase by 0.1% monthly and decrease by 3.3% annualized. Forex traders can compare this to the Eurozone PPI for May, which contracted by 0.2% monthly and dropped by 4.2% annualized.
The forecast for the EUR/GBP turned bearish after this currency pair spiked into its horizontal resistance area. Short-term volatility may increase with the Tenkan-sen and the Kijun-sen ascending through the Ichimoku Kinko Hyo Cloud, but the Senkou Span A and the Senkou Span are flat with a bearish bias. Traders should also monitor the CCI in extreme overbought territory with early signs of a reversal. A breakdown below 100 could trigger the expected sell-off, and this technical indicator has plenty of downside potential. Can bears regain control over the EUR/GBP and force price action 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/GBP remain inside the or breakdown below the 0.8550 to 0.8585 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8570
- Take Profit Zone: 0.8415 – 0.8450
- Stop Loss Level: 0.8605
Should price action for the EUR/GBP break out above 0.8585, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8605
- Take Profit Zone: 0.8645 – 0.8670
- Stop Loss Level: 0.8585
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