Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Services PMI for September is predicted at 54.0. Forex traders can compare this to the Spanish HCOB Services PMI for August, reported at 54.6.
The Italian HCOB Services PMI for September is predicted at 51.2. Forex traders can compare this to the Italian HCOB Services PMI for August, reported at 51.4.
The Final French HCOB Services PMI for September is predicted at 48.3, and the Final French HCOB Composite PMI at 47.4. Forex traders can compare this to the French HCOB Services PMI for August, reported at 55.0, and the French HCOB Composite PMI, reported at 53.1.
The Final German HCOB Services PMI for September is predicted at 50.6, and the Final German HCOB/BME Composite PMI at 47.2. Forex traders can compare this to the German HCOB Services PMI for August, reported at 51.2, and the German HCOB/BME Composite PMI, reported at 48.4.
The Final Eurozone HCOB Services PMI for September is predicted at 50.5, and the Final Eurozone HCOB Composite PMI at 48.9. Forex traders can compare this to the Eurozone HCOB Services PMI for August, reported at 52.9, and the Eurozone HCOB Composite PMI, reported at 51.0.
The UK HCOB/CIPS Services PMI for September is predicted at 52.8, and the UK HCOB/CIPS Composite PMI at 52.9. Forex traders can compare this to the UK HCOB/CIPS Services PMI for August, reported at 53.7, and the UK HCOB/CIPS Composite PMI, reported at 53.8.
The forecast for the EUR/GBP turned cautiously bullish after this currency pair broke out from its horizontal support area. The Tenkan-sen continues to move lower, but the Kijun-sen has flatlined, suggesting decreasing downside pressure. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud move lower and limit the upside potential. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator has plenty of upside potential, and a move above zero could trigger the next leg higher. Can bulls maintain control over the EUR/GBP and push price action 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 0.8360 to 0.8385 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8370
- Take Profit Zone: 0.8465 – 0.8500
- Stop Loss Level: 0.8345
Should price action for the EUR/GBP break down below 0.8360, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8345
- Take Profit Zone: 0.8250 – 0.8285
- Stop Loss Level: 0.8360
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
