Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore CPI for January came in flat at 0.0% monthly and increased 4.0% annualized. Forex traders can compare this to the Singapore CPI for December, which rose 0.5% monthly and 3.2% annualized. The Singapore Core CPI for January expanded by 2.4% annualized. Economists predicted an increase of 2.5%. Forex traders can compare this to the Singapore Core CPI for December, which increased by 2.1% annualized.
The German GfK Consumer Confidence Survey for March came in at -8.1. Economists predicted a figure of -6.3. Forex traders can compare this to the German GfK Consumer Confidence Survey for February, reported at -6.7. The French Business Survey for February is predicted at 112. Forex traders can compare this to the French Business Survey for January, reported at 112.
The Eurozone CPI for January is predicted to increase 0.3% monthly and 5.1% annualized. Forex traders can compare this to the Eurozone CPI for December, which rose 0.4% monthly and 5.0% annualized. The Eurozone Core CPI for January is predicted to decrease 0.8% monthly and increase 2.3% annualized. Forex traders can compare this to the Eurozone Core CPI for December, which dropped 0.8% monthly and expanded 2.6% annualized. The Eurozone Harmonized Core CPI for January is predicted to contract 0.5% monthly and expand 2.5% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for December, which rose 0.4% monthly and 2.5% annualized.
The forecast for the EUR/SGD turned moderately bullish after price action matched the low of its Ichimoku Kinko Hyo Cloud, which shows signs of bullishness with a rising Senkou Span A. Confirming the lack of short-term downside pressure is the flat Kijun-sen, but the descending Tenkan-sen suggests more volatility ahead. Traders should monitor the CCI for a temporary move into extreme oversold territory followed by a breakout above -100, providing a final buying signal. Can bulls build on recent developments and rally the EUR/SGD into its next 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 1.5150 to 1.5275 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5210
- Take Profit Zone: 1.5425 – 1.5495
- Stop Loss Level: 1.5095
Should price action for the EUR/SGD breakdown below 1.5150, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5095
- Take Profit Zone: 1.4975 – 1.5020
- Stop Loss Level: 1.5150
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