Source: PaxForex Premium Analytics Portal, Fundamental Insight
UK Nationwide House Prices for December increased 1.0% monthly and 10.4% annualized. Forex traders can compare this to UK Nationwide House Prices for November, which increased 0.9% monthly and 10.0% annualized.
Dutch Business Confidence for December was reported at 10.2. Forex traders can compare this to Dutch Business Confidence for November, reported at 12.7.
The Preliminary Spanish CPI for December increased 1.3% monthly and 6.7% annualized. Forex traders can compare this to the Spanish CPI for November, which increased 0.3% monthly and 5.5% annualized. The Preliminary Spanish Harmonized Spanish CPI for December increased 1.2% monthly and 6.7% annualized. Economists predicted an increase of 0.4% and 5.8%. Forex traders can compare this to the Spanish Harmonized Spanish CPI for November, which increased 0.2% monthly and 5.5% annualized.
The Austrian PPI for November increased 1.5% monthly and 15.3% annualized. Forex traders can compare this to the Spanish CPI for December, which increased 3.1% monthly and 13.9% annualized. The Eurozone core CPI for November is predicted to increase by 2.1% annualized. Forex traders can compare this to the Eurozone core CPI for October, which increased by 2.1% annualized.
The forecast for the EUR/GBP turned moderately bullish as this currency pair stabilized at its horizontal support area. With the Kijun-sen ascending and the Tenkan-sen descending, traders should expect a rise in volatility, especially during thin trading volumes amid the holidays. The Ichimoku Kinko Hyo Cloud flatlined, suggesting a period of range-bound trading. After the CCI plunged into extreme oversold territory, it started to move higher. Traders should wait for a breakout above -100 before entering their buy positions. Can bulls take advantage of a gradual increase in upside momentum and force the EUR/GBP 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 0.8385 to 0.8425 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8405
- Take Profit Zone: 0.8485 – 0.8515
- Stop Loss Level: 0.8355
Should price action for the EUR/GBP breakdown below 0.8385, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8355
- Take Profit Zone: 0.8275 – 0.8300
- Stop Loss Level: 0.8385
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