Source: PaxForex Premium Analytics Portal, Fundamental Insight
Singapore’s Industrial Production for August surged 6.7% monthly and 21.0% annualized. Economists predicted a drop of 4.0% and an acceleration of 9.6%. Forex traders can compare this to Singapore’s Industrial Production for July, which surged by 10.2% monthly and increased by 2.0% annualized.
The German GfK Consumer Confidence Survey for October came in at -21.2. Economists predicted a figure of -22.4. Forex traders can compare this to the German GfK Consumer Confidence Survey for September, reported at -21.9.
Spanish Retail Sales for August are predicted to increase by 1.9% annualized. Forex traders can compare this to Spanish Retail Sales for July, which rose by 1.0% annualized.
Italian Business Confidence for August is predicted at 87.1 and Italian Consumer Confidence at 96.1. Forex traders can compare this to Italian Business Confidence for July, reported at 87.1, and to Italian Consumer Confidence, reported at 96.1.
Eurozone M3 Money Supply for August is predicted to rise by 2.5% annualized. Forex traders can compare this to Eurozone M3 Money Supply for July, which increased by 2.3% annualized. Eurozone Private Sector Loans for August are predicted to rise by 0.6% annualized. Forex traders can compare this to Eurozone Private Sector Loans for July, which increased by 0.5% annualized.
The Euro may move following speeches by Frank Elderson, a member of the Executive Board and Vice-Chair of the Supervisory Board of the European Central Bank, and Elizabeth McCaul, a member of the Supervisory Board and an ECB representative.
The forecast for the EUR/SGD turned cautiously bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen and the Kijun-sen show a small bearish bias but show signs of stabilizing by flattening out. The Senkou Span A of the Ichimoku Kinko Hyo Cloud continues to move lower, but the Senkou Span B is flat, hinting at more short-term volatility. Traders should also monitor the CCI in extreme oversold territory. A breakout above -100 could spark the next rally. Can bulls regain control over the EUR/SGD and push price action 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 1.4325 to 1.4355 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4340
- Take Profit Zone: 1.4480 – 1.4515
- Stop Loss Level: 1.4300
Should price action for the EUR/SGD break down below 1.4325, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4300
- Take Profit Zone: 1.4200 – 1.4255
- Stop Loss Level: 1.4325
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