Source: PaxForex Premium Analytics Portal, Fundamental Insight
Eurozone Industrial Production for June is predicted to decrease 0.2% monthly and increase 10.4% annualized. Forex traders can compare this to Eurozone Industrial Production for May, which decreased 1.0% monthly and increased 20.5% annualized.
US Initial Jobless Claims for the week of August 7th are predicted at 375K, and US Continuing Claims for the week of July 31st are predicted at 2,880K. Forex traders can compare this to US Initial Jobless Claims for the week of July 31st, reported at 385K, and to US Continuing Claims for the week of July 24th, reported at 2,930K.
The US PPI for July is predicted to increase 0.6% monthly and 7.3% annualized. Forex traders can compare this to the US PPI for June, which increased 1.0% monthly and 7.3% annualized. The US Core PPI for July is predicted to increase 0.5% monthly and 5.6% annualized. Forex traders can compare this to the US Core PPI for June, which increased 1.0% monthly and 5.6% annualized.
The forecast for the EUR/USD turned bullish after bearish momentum started to decrease once reaching support. Traders may carefully consider buying the dip after the Kijun-sen turned sideways, but the Tenkan-sen extends its slide, suggesting a period of heightened volatility. The Ichimoku Kinko Hyo Cloud shows signs of stabilization, adding to the medium-term bullish scenario. A positive divergence formed in the CCI, providing a final buy signal, with this technical indicator set to move out of extreme oversold territory. Can bulls pressure the EUR/USD into its next 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 1.1700 to 1.1770 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1740
- Take Profit Zone: 1.2000 – 1.2050
- Stop Loss Level: 1.1620
Should price action for the EUR/USD breakdown below 1.1700, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1620
- Take Profit Zone: 1.1450 – 1.1500
- Stop Loss Level: 1.1700
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