Source: PaxForex Premium Analytics Portal, Fundamental Insight
The French Business Survey for March is predicted at 110. Forex traders can compare this to the French Business Survey for February, reported at 112.
The Preliminary French Markit Manufacturing PMI for March is predicted at 55.0, Preliminary French Markit Services PMI at 55.0, and Preliminary French Markit Composite PMI at 54.3. Forex traders can compare this to the French Markit Manufacturing PMI for February, reported at 57.2, the French Markit Services PMI at 55.5, and the French Markit Composite PMI at 55.5.
The Preliminary German Markit Manufacturing PMI for March is predicted at 55.8, Preliminary German Markit Services PMI at 53.8, and Preliminary German Markit Composite PMI at 53.7. Forex traders can compare this to the German Markit Manufacturing PMI for February, reported at 58.4, German Markit Services PMI at 55.8, and German Markit Composite PMI at 55.6.
The Preliminary Eurozone Markit Manufacturing PMI for March is predicted at 56.0, Preliminary Eurozone Markit Services PMI at 54.2, and Preliminary Eurozone Markit Composite PMI at 53.9. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for February, reported at 58.2, Eurozone Markit Services PMI at 55.5, and Eurozone Markit Composite PMI at 55.5.
The UK Markit/CIPS Manufacturing PMI for March is predicted at 57.0, the UK Markit/CIPS Services PMI at 58.0, and the UK Markit/CIPS Composite PMI at 58.7. Forex traders can compare this to the UK Markit/CIPS Manufacturing PMI for February, reported at 58.0, the UK Markit/CIPS Services PMI at 60.5, and the UK Markit/CIPS Composite PMI at 59.9.
The forecast for the EUR/GBP remains bearish as the descending Ichimoku Kinko Hyo Cloud exercises downward pressure. Following the rejection by the Senkou Span B, volatility may increase after the Kijun-sen and Tenkan-sen turned sideways. Traders should monitor the CCI, which formed a lower high in overbought territory, before completing a breakdown below 100. Bearish pressures increased once the CCI slid below zero, with plenty of downside potential ahead. Can bears pressure the EUR/GBP 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 0.8300 to 0.8360 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8335
- Take Profit Zone: 0.8200 – 0.8230
- Stop Loss Level: 0.8385
Should price action for the EUR/GBP breakout above 0.8360, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8385
- Take Profit Zone: 0.8450 – 0.8490
- Stop Loss Level: 0.8360
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