Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Retail Sales for December decreased by 0.4% monthly and 1.5% annualized. Forex traders can compare this to Singapore Retail Sales for November, which increased by 0.5% monthly and 2.4% annualized.
The German Trade Balance for December came in at €22.2B. Economists predicted a figure of €19.0B. Forex traders can compare this to the German Trade Balance for November, reported at €20.7B. Exports for December plunged by 4.6% monthly, and Imports dropped by 6.7% monthly. Economists predicted a contraction of 2.0% and 1.5%. Forex traders can compare this to Exports for November, which increased by 3.5% monthly, and Imports, which rose by 1.5% monthly.
The Spanish HCOB Services PMI for January is predicted at 52.2. Forex traders can compare this to the Spanish HCOB Services PMI for December, reported at 51.5.
The Italian HCOB Services PMI for January is predicted at 50.7. Forex traders can compare this to the Italian HCOB Services PMI for December, reported at 49.8.
The Final French HCOB Services PMI for January is predicted at 45.0, and the Final French HCOB Composite PMI at 44.2. Forex traders can compare this to the French HCOB Services PMI for December, reported at 45.7, and the French HCOB Composite PMI, reported at 44.8.
The Final German HCOB Services PMI for January is predicted at 47.6, and the Final German HCOB/BME Composite PMI at 47.1. Forex traders can compare this to the German HCOB Services PMI for December, reported at 49.3, and the German HCOB/BME Composite PMI, reported at 47.4.
The Final Eurozone HCOB Services PMI for January is predicted at 48.4, and the Final Eurozone HCOB Composite PMI at 47.9. Forex traders can compare this to the Eurozone HCOB Services PMI for December, reported at 48.8, and the Eurozone HCOB Composite PMI, reported at 47.6.
Eurozone Sentix Investor Confidence for February is predicted at -15.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for January, reported at -15.8.
The Eurozone PPI for December is predicted to decrease by 0.8% monthly and plunge by 10.5% annualized. Forex traders can compare this to the Eurozone PPI for November, which contracted by 0.3% monthly and dropped by 8.8% annualized.
The forecast for the EUR/SGD turned bullish after this currency pair corrected into its horizontal support area. The Ichimoku Kinko Hyo Cloud continues to shift gradually higher, but the Tenkan-sen and the Kijun-sen flatlined, suggesting more volatility ahead. Traders should also monitor the CCI after it recorded a higher low in extreme oversold territory. A breakout above -100 could trigger the next leg higher. Can bulls overpower bears and drive the EUR/SGD 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/SGD remain inside the or breakout above the 1.4455 to 1.4500 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4480
- Take Profit Zone: 1.4645 – 1.4685
- Stop Loss Level: 1.4420
Should price action for the EUR/SGD breakdown below 1.4455, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4220
- Take Profit Zone: 1.4325 – 1.4385
- Stop Loss Level: 1.4455
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