Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German Trade Balance for February came in at a €16.0B. Economists predicted a figure of €17.0B. Forex traders can compare this to German Trade Balance for January, reported at €16.0B. Exports for February increased by 4.0% monthly, and Imports rose by 4.6% monthly. Economists predicted a rise of 1.6% and 1.0%. Forex traders can compare this to Exports for January, which expanded by 2.5% monthly, and Imports which decreased by 1.4% monthly.
The Spanish Unemployment Change for March is predicted at -0.2K. Forex traders can compare this to the Spanish Unemployment Change for February, reported at 2.6K.
The Eurozone PPI for February is predicted to decrease by 0.3% monthly and surge by 13.3% annualized. Forex traders can compare this to the Eurozone PPI for January, which contracted by 2.8% monthly and sky-rocketed by 15.0% annualized.
US Factory Orders for February are predicted to decrease by 0.5% monthly, and factory orders excluding transportation by 0.8% monthly. Forex traders can compare this to US Factory Orders for January, which dropped by 1.6% monthly, and factory orders excluding transportation, which rose by 1.2% monthly.
The US IBD/TIPP Economic Optimism Index for April is predicted at 47.0. Forex traders can compare this to the US IBD/TIPP Economic Optimism Index for March, reported at 46.9.
US JOLTS Job Openings for February are predicted at 10.400M. Forex traders can compare this to US JOLTS Job Openings for January, reported at 10.824M.
Recent PMI data out of the Eurozone was more upbeat than the ongoing deterioration in the US. Central banks remain the wild card as inflationary pressures remain. Some central banks, like the RBA earlier today, opted for a pause in their fight against inflation less than 24 hours after OPEC+ announced a production cut.
The forecast for the EUR/USD remains cautiously bullish after this currency pair broke out above its gradually upward-shifting Ichimoku Kinko Hyo Cloud. A pending bullish crossover could provide more upside potential. Volatility may increase in the near term, with the Kijun-sen and the Tenkan-sen flat. Traders should also monitor the CCI after it has contracted from extreme overbought territory while maintaining upward momentum. This technical indicator has more upside momentum, and bullish conditions remain intact as long as the CCI remains above 0. Can bulls keep control over the EUR/USD and push price action into its horizontal resistance area and fresh 2023 highs? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/USD remain inside the or breakout above the 1.0845 to 1.0930 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0890
- Take Profit Zone: 1.1095 – 1.1185
- Stop Loss Level: 1.0800
Should price action for the EUR/USD breakdown below 1.0845, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0800
- Take Profit Zone: 1.0700 – 1.0720
- Stop Loss Level: 1.0845
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
