Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore Industrial Production for September increased by 10.2% monthly and by 24.2% annualized. Economists predicted a decrease of 7.8% and an increase of 2.5%. Forex traders can compare this to Singapore Industrial Production for August, which increased by 15.5% monthly and by 15.4% annualized.
The German IFO Business Climate Index for October is predicted at 93.0. Forex traders can compare this to the German IFO Business Climate Index for September, reported at 93.4. The German IFO Current Assessment Index for October is predicted at 89.8. Forex traders can compare this to the German IFO Current Assessment Index for September, reported at 89.2. The German IFO Expectations Index for October is predicted at 96.5. Forex traders can compare this to the German IFO Expectations Index for September, reported at 97.7.
The forecast for the EUR/SGD turned bearish after this currency pair advanced into its Ichimoku Kinko Hyo Cloud and the CCI in extreme overbought territory. With the conditions across the EU deteriorating regarding the Covid-19 pandemic, the Euro faces more downside pressures. The descending Kijun-sen will soon cross below its ascending Tenkan-sen and may lead price action lower. The German IFO data could spark the next sell-off, but will bears receive support from fundamental data to drive this currency pair 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 1.6060 to 1.6115 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6080
- Take Profit Zone: 1.5870 – 1.5925
- Stop Loss Level: 1.6160
Should price action for the EUR/SGD breakout above 1.6115 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6160
- Take Profit Zone: 1.6245 – 1.6300
- Stop Loss Level: 1.6115
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