Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Singapore Trade Balance for June came in at S$3.078B. Forex traders can compare this to the Singapore Balance for May, reported at S$4.282B. Non-oil exports for June decreased by 0.4% monthly and collapsed by 8.7% annualized. Economists predicted a rise of 4.1% and a contraction of 1.2%. Forex traders can compare this to Non-oil Exports for May, which decreased by 0.7% monthly and 0.7% annualized.
The final Eurozone CPI for June is predicted to increase by 0.2% monthly and 2.5% annualized. Forex traders can compare this to the Eurozone CPI for May, which rose by 0.2% monthly and 2.6% annualized. The Final Eurozone Core CPI for June is predicted to accelerate by 0.3% monthly and by 2.9% annualized. Forex traders can compare this to the Eurozone Core CPI for May, which expanded by 0.4% monthly and 2.9% annualized. The Final Eurozone Harmonized Core CPI for June is predicted to rise 0.4% monthly and 2.8% annualized. Forex traders can compare this to the Eurozone Harmonized Core CPI for May, which increased by 0.4% monthly and 2.9% annualized.
The forecast for the EUR/SGD turned bearish after this currency pair advanced into its horizontal support area with decreasing bullish momentum. The Tenkan-sen and the Kijun-sen have flatlined, suggesting the lack of short-term upside pressure. The Senkou Span B of the Ichimoku Kinko Hyo Cloud is flat, with the Senkou Span A ascending, adding to volatility drivers. Traders should also monitor the CCI in extreme overbought territory, as a negative divergence has formed. A breakdown below 100 could trigger the next leg lower, and this technical indicator has plenty of downside potential. Can bears regain control over the EUR/SGD and force price action 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/SGD remain inside the or breakdown below the 1.4620 to 1.4645 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4635
- Take Profit Zone: 1.4540 – 1.4565
- Stop Loss Level: 1.4690
Should price action for the EUR/SGD brea kout above 1.4645, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4690
- Take Profit Zone: 1.4730 – 1.4780
- Stop Loss Level: 1.4645
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