Source: PaxForex Premium Analytics Portal, Fundamental Insight

The German GfK Consumer Confidence Survey for May is predicted at -25.9. Forex traders can compare this to the German GfK Consumer Confidence Survey for April, reported at -27.4.

The French Business Survey for April is predicted at 102. Forex traders can compare this to the French Business Survey for May, reported at 102.

US Initial Jobless Claims for the week of April 20th are predicted at 214K, and US Continuing Claims for the week of April 13th at 1,810K. Forex traders can compare this to US Initial Jobless Claims for the week of April 13th, reported at 212K, and US Continuing Claims for the week of April 6th, reported at 1,812K.

The Advanced US GDP for the first quarter is predicted to expand 2.5% quarterly. Forex traders can compare this to fourth quarter GDP, which rose 3.4% quarterly. The GDP Price Index for the first quarter is predicted to accelerate by 3.0% quarterly, and the Core PCE to expand by 3.4% quarterly. Forex traders can compare this to the fourth quarter GDP Price Index, which rose 1.7% quarterly, and the Core PCE, which expanded by 2.0% quarterly. Real Consumer Spending for the first quarter is predicted to increase by 2.8% quarterly. Forex traders can compare this to fourth-quarter Real Consumer Spending, which rose 3.3% quarterly.

The US Trade Balance for March is predicted at -$91.10B. Forex traders can compare this to the US Trade Balance for February, reported at -$91.84B.

US Preliminary Wholesale Inventories for March are predicted to rise by 0.2% monthly. Forex traders can compare this to US Wholesale Inventories for February, which increased by 0.5% monthly.

US Pending Home Sales for March are predicted to increase 0.3% monthly. Forex traders can compare this to US Pending Home Sales for February, which rose 1.6% monthly. 

US Natural Gas Inventories for the week ending April 19th are predicted at 87B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending April 12th, reported at 50B cubic feet.

The forecast for the EUR/USD remains bullish after this currency pair reversed from its horizontal support area. Short-term volatility could rise as price action trades above its descending Tenkan-sen but below its flat Kijun-sen. The narrow Ichimoku Kinko Hyo Cloud shows signs of ending its downtrend, with the Senkou Span B flat. Traders should also monitor the CCI following its double breakout from extreme oversold territory and above zero, with plenty of upside potential. Can bulls maintain control over the EUR/USD 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/USD remain inside the or breakout above the 1.0675 to 1.0730 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.0710
• Take Profit Zone: 1.0835 – 1.0880
• Stop Loss Level: 1.0640

Should price action for the EUR/USD breakdown below 1.0675, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.0640
• Take Profit Zone: 1.0570 – 1.0600
• Stop Loss Level: 1.0675

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