Source: PaxForex Premium Analytics Portal, Fundamental Insight
The preliminary Singapore GDP for the fourth quarter increased by 15.9% quarterly and decreased by 2.4% annualized. Forex traders can compare this to the Singapore GDP for the third quarter, which increased by 8.7% quarterly, and which decreased by 3.8% annualized.
Eurozone Industrial Production for December is predicted to decrease by 1.0% monthly and by 0.3% annualized. Forex traders can compare this to Eurozone Industrial Production for November, which increased by 2.5% monthly, and which decreased by 0.6% annualized. The Eurozone Trade Balance for December is predicted at €25.3B. Forex traders can compare this to the Eurozone Trade Balance for November, reported at €25.81B.
The forecast for the EUR/SGD remains bearish as the Eurozone economy deals with a near-stagnant economy and surging debt levels. Singapore remains well-ahead of the curve after implementing favorable long-term policies. This currency pairs trades below its descending Kijun-sen but above its flat Tenkan-sen, pending a breakdown. The Ichimoku Kinko Hyo Cloud is on the verge of sloping lower, adding to bearishness in price action. After the CCI moved out of extreme oversold territory, it failed to move past its previous peak and is set for a retreat. Will bears force the EUR/SGD into its next horizontal support 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 breakdown below the 1.6020 to 1.6085 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6045
- Take Profit Zone: 1.5845 – 1.5895
- Stop Loss Level: 1.6115
Should price action for the EUR/SGD breakout above 1.6085 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6135
- Take Profit Zone: 1.6215 – 1.6255
- Stop Loss Level: 1.6085
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
