Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Services PMI for September is predicted at 49.8. Forex traders can compare this to the Spanish HCOB Services PMI for August, reported at 49.3.
The Italian HCOB Services PMI for September is predicted at 50.0. Forex traders can compare this to the Italian HCOB Services PMI for August, reported at 49.8.
The Final French HCOB Services PMI for September is predicted at 43.9, and the Final French HCOB Composite PMI at 43.5. Forex traders can compare this to the French HCOB Services PMI for August, reported at 46.0, and the French HCOB Composite PMI at 46.0.
The Final German HCOB Services PMI for September is predicted at 49.8, and the Final German HCOB/BME Composite PMI at 46.2. Forex traders can compare this to the German HCOB Services PMI for August, reported at 47.3, and the German HCOB/BME Composite PMI at 44.6.
The Final Eurozone HCOB Services PMI for September is predicted at 48.4, and the Final Eurozone HCOB Composite PMI at 47.1. Forex traders can compare this to the Eurozone HCOB Services PMI for August, reported at 47.9, and the Eurozone HCOB Composite PMI at 46.7.
Eurozone Retail Sales for August are predicted to decrease by 0.3% monthly and 1.2% annualized. Forex traders can compare this to Eurozone Retail Sales for July, which dropped by 0.2% monthly and 1.0% annualized.
The Eurozone PPI for August is predicted to increase by 0.6% monthly and plunge by 11.6% annualized. Forex traders can compare this to the Eurozone PPI for July, which contracted by 0.5% monthly and 7.6% annualized.
The US ADP Employment Change for September is predicted at 153K. Forex traders can compare this to the US ADP Employment Change for August, reported at 177K.
The Final US S&P Global Composite PMI for September is predicted at 50.1, and the Final US S&P Global Services PMI at 50.2. Forex traders can compare this to the US S&P Global Composite PMI for August, reported at 50.2, and the US S&P Global Services PMI at 50.5.
US Factory Orders for August are predicted to rise by 0.2% monthly. Forex traders can compare this to US Factory Orders for July, which dropped by 2.1% monthly.
The US ISM Non-Manufacturing PMI for September is predicted at 53.6, and the ISM Non-Manufacturing Business Activity Index at 56.5. Forex traders can compare this to the US ISM Non-Manufacturing PMI for August, reported at 54.5, and the ISM Non-Manufacturing Business Activity Index, reported at 57.3.
US Crude Oil Inventories Change for the week ending September 29th are predicted at -0.446M. Traders can compare this to US Crude Oil Inventories Change for the week ending September 22nd, reported at -2.170M. US Gasoline Inventories Change for the week ending September 29th are predicted at 0.161M, and US Distillate Stocks Change at -0.333M. Traders can compare this to US Gasoline Inventories Change for the week ending September 22nd, reported at 1.027M, and US Distillate Stocks Change at 0.398M.
The forecast for the EUR/USD turned cautiously bullish after this currency pair corrected into its horizontal support area. The Kijun-sen and the Tenkan-sen flatlined, pointing to a potential volatility rise. The Ichimoku Kinko Hyo Cloud gradually drifts lower but has lost most of its bearish momentum. Traders should also monitor the CCI in extreme oversold territory and the formation of a positive divergence. A breakout above 100 could trigger a reversal rally. Can bulls overpower bears and push the EUR/USD 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 1.0390 to 1.0490 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0455
- Take Profit Zone: 1.0775 – 1.0865
- Stop Loss Level: 1.0325
Should price action for the EUR/USD breakdown below 1.0390, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0325
- Take Profit Zone: 1.0210 – 1.0270
- Stop Loss Level: 1.0390
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