Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary French S&P Global Manufacturing PMI for November is predicted at 47.0, the Preliminary French S&P Global Services PMI at 50.6, and the Preliminary French S&P Global Composite PMI at 49.5. Forex traders can compare this to the French S&P Global Manufacturing PMI for October, reported at 47.2, the French S&P Global Services PMI at 51.7, and the French S&P Global Composite PMI at 50.2.
The Preliminary German S&P Global Manufacturing PMI for November is predicted at 45.0, the Preliminary German S&P Global Services PMI at 46.2, and the Preliminary German S&P Global Composite PMI at 44.9. Forex traders can compare this to the German S&P Global Manufacturing PMI for October, reported at 45.1, the German S&P Global Services PMI at 46.5, and the German S&P Global Composite PMI at 45.1.
The Preliminary Eurozone S&P Global Manufacturing PMI for November is predicted at 46.0, the Preliminary Eurozone S&P Global Services PMI at 48.0, and the Preliminary Eurozone S&P Global Composite PMI at 47.0. Forex traders can compare this to the Eurozone S&P Global Manufacturing PMI for October, reported at 46.4, the Eurozone S&P Global Services PMI at 48.6, and the Eurozone S&P Global Composite PMI at 47.3.
The Preliminary UK S&P Global Manufacturing PMI for November is predicted at 45.7, the Preliminary UK S&P Global Services PMI at 48.0, and the Preliminary UK S&P Global Composite PMI at 47.2. Forex traders can compare this to the UK S&P Global Manufacturing PMI for October, reported at 46.2, the Preliminary UK S&P Global Services PMI at 48.8, and the Preliminary UK S&P Global Composite PMI at 48.2.
The Euro and the British Pound may experience a volume and volatility spike after speeches by ECB member De Guindos, ECB Supervisory Board Member Fernandez-Bollo, and Bank of England MPC member Ramsden.
The forecast for the EUR/GBP turned bearish after price action was rejected by its Ichimoku Kinko Hyo Cloud, which completed a bearish crossover before widening. It now shows initial signs of a sideways drift. The Tenkan-sen and the Kijun-sen flatlined, confirming the absence of short-term bullish momentum. Traders should monitor the CCI in extreme oversold territory. A false breakout is expected to spike volatility, but this technical indicator is unlikely to eclipse the zero barrier before resuming its downtrend. Can bears overpower bulls and 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 0.8655 to 0.8725 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8690
- Take Profit Zone: 0.8435 – 0.8510
- Stop Loss Level: 0.8825
Should price action for the EUR/GBP breakout above 0.8725, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8825
- Take Profit Zone: 0.8885 – 0.8925
- Stop Loss Level: 0.8725
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