Source: PaxForex Premium Analytics Portal, Fundamental Insight
The final French CPI for July is predicted to increase by 0.1% monthly and 2.3% annualized. Forex traders can compare this to the French CPI for June, which expanded by 0.1% monthly and 2.2% annualized. The final French Harmonized CPI for July is predicted to rise by 0.1% monthly and by 2.6% annualized. Forex traders can compare this to the French Harmonized CPI for June, which increased by 0.2% monthly and 2.5% annualized.
The advanced Eurozone GDP for the second quarter is predicted to increase by 0.3% quarterly and 0.6% annualized. Forex traders can compare this to the Eurozone GDP for the first quarter, which rose 0.3% quarterly and 0.4% annualized.
The Eurozone Employment Change for the second quarter is predicted to rise by 0.2% quarterly. Forex traders can compare this to the Eurozone Employment Change for the first quarter, which increased by 0.3% quarterly.
Eurozone Industrial Production for June is predicted to increase by 0.4% monthly and decrease by 2.9% annualized. Forex traders can compare this to Eurozone Industrial Production for May, which dropped by 0.6% monthly and 2.9% annualized.
The US CPI for July is predicted to increase by 0.2% monthly and by 3.0% annualized. Forex traders can compare this to the US CPI for June, which decreased by 0.1% monthly and expanded by 3.0% annualized. The US Core CPI for July is predicted to rise by 0.2% monthly and by 3.2% annualized. Forex traders can compare this to the US Core CPI for June, which increased by 0.1% monthly and 3.3% annualized.
US Crude Oil Inventories Change for the week ending August 9th are predicted to drop by 1.900M. Traders can compare this to US Crude Oil Inventories Change for the week ending August 2nd, which contracted by 3.728M. US Gasoline Inventories Change for the week ending August 9th are predicted to decrease by 1.100M, and US Distillate Stocks Change by 1.800M. Traders can compare this to US Gasoline Inventories Change for the week ending August 2nd, which rose by 1.340M, and US Distillate Stocks Change by 0.949M.
The forecast for the EUR/USD turned cautiously bearish after this currency pair advanced into its horizontal resistance area. The Tenkan-sen shows a minor push higher with the Kijun-sen flat. The Ichimoku Kinko Hyo Cloud has narrowed, with the Senkou Span B flat and the Senkou Span A showing a downward trend. Traders should also monitor the CCI in extreme overbought territory, where it recorded a lower high. A breakdown below 100 could trigger the next sell-off. Can bears regain control over the EUR/USD and force price action into its horizontal support 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 breakdown below the 1.0960 to 1.1010 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0990
- Take Profit Zone: 1.0805 – 1.0850
- Stop Loss Level: 1.1045
Should price action for the EUR/USD break out above 1.1010, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1045
- Take Profit Zone: 1.1100 – 1.1140
- Stop Loss Level: 1.1010
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