Source: PaxForex Premium Analytics Portal, Fundamental Insight

Singapore Industrial Production for October increased 2.4% monthly and 16.9% annualized. Economists predicted a decrease of 0.5% and an increase of 14.5%. Forex traders can compare this to Singapore Industrial Production for September, which decreased 1.9% monthly and 2.2% annualized.

The German Import Price Index for October increased 3.8% monthly and 21.7% annualized. Economists predicted an increase of 2.0% and 19.6%. Forex traders can compare this to the German Import Price Index for September, which increased 1.3% monthly and 17.7% annualized.

French Consumer Confidence for November was reported at 99. Economists predicted a figure of 98. Forex traders can compare this to French Consumer Confidence for October, reported at 99. Italian Business Confidence for November is predicted at 114.0, and Italian Consumer Confidence is predicted at 117.0. Forex traders can compare this to Italian Business Confidence for October, reported at 114.9, and Italian Consumer Confidence, reported at 118.4.

Eurozone M3 Money Supply for October is predicted to increase 7.4% annualized. Forex traders can compare this to Eurozone M3 Money Supply for September, which increased 7.4% annualized. Eurozone Private Sector Loans for October are predicted to increase 4.0% annualized. Forex traders can compare this to Eurozone Private Sector Loans for September, which increased 4.1% annualized.

The forecast for the EUR/SGD turned bullish after this currency pair ended its correction at support, followed by a reversal in price action. Confirming the lack of short-term bearish pressures is the Kijun-sen after turning flat. The Tenkan-sen maintains its downtrend, and traders should expect volatility in the near term. With the Ichimoku Kinko Hyo Cloud descending, it will limit the overall upside for the expected advance. The CCI adds to upside momentum following its breakout from extreme oversold territory. Can bulls pressure 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 1.5340 to 1.5450 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.5390
• Take Profit Zone: 1.5700 – 1.5775
• Stop Loss Level: 1.5290

Should price action for the EUR/SGD breakdown below 1.5340, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.5290
• Take Profit Zone: 1.5140 – 1.5190
• Stop Loss Level: 1.5340

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