Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Industrial Production for June decreased 3.0% monthly and increased 27.5% annualized. Economists predicted a decrease of 0.3% and an increase of 26.3%. Forex traders can compare this to Singapore Industrial Production for May, which increased 4.4% monthly and 27.0% annualized.
The German IFO Business Climate Index for July is predicted at 102.2. Forex traders can compare this to the German IFO Business Climate Index for June, reported at 101.8. The German IFO Current Assessment Index for July is predicted at 101.6. Forex traders can compare this to the German IFO Current Assessment Index for June, reported at 99.6. The German IFO Expectations Index for July is predicted at 103.3. Forex traders can compare this to the German IFO Expectations Index for June, reported at 104.0.
The forecast for the EUR/SGD remains bearish after the Senkou Span A of its descending Ichimoku Kinko Hyo Cloudthis currency pair rejected price action. While the Kijun-sen and the Tenkan-sen remain flat, bearish pressures continue to increase. Forex traders should expect more short-term volatility before the next leg lower emerges. After the CCI retreated from extreme overbought territory, it has more downside potential. Can bears gather enough power to 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 1.5970 to 1.6040 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6015
- Take Profit Zone: 1.5740 – 1.5790
- Stop Loss Level: 1.6100
Should price action for the EUR/SGD breakout above 1.6040, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6100
- Take Profit Zone: 1.6230 – 1.6280
- Stop Loss Level: 1.6040
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