Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German Trade Balance for October came in at €6.9B. Economists predicted a figure of €5.2B. Forex traders can compare this to German Trade Balance for September, reported at €2.8B. Exports for October decreased by 0.6% monthly, and Imports dropped by 3.7% monthly. Economists predicted a contraction of 0.3% and 0.4%. Forex traders can compare this to Exports for September, which decreased 0.7% monthly, and Imports which dropped 2.2% monthly.
The German Import Price Index for October decreased by 1.2% monthly and surged 23.5% annualized. Economists predicted a drop of 1.7% and a rise of 23.3%. Forex traders can compare this to the German Import Price Index for September, which contracted 0.9% monthly and sky-rocketed 29.8% annualized.
French Industrial Production for October is predicted at 0.0% monthly. Forex traders can compare this to French Industrial Production for September, which decreased by 0.8% monthly.
The Spanish Unemployment Change for November is predicted at -20.3K. Forex traders can compare this to the Spanish Unemployment Change for October, reported at -27.0K.
The Eurozone PPI for October is predicted to decrease by 2.0% monthly and surge by 31.5% annualized. Forex traders can compare this to the Eurozone PPI for September, which rose 1.6% monthly and sky-rocketed 41.9% annualized.
The US NFP Report for November is predicted to show 200K job additions and an unemployment rate of 3.7%. Forex traders can compare this to the US NFP Report for October, which showed 261K job additions and an unemployment rate of 3.7%. Private Payrolls for November are predicted to show 190K job additions, and Manufacturing Payrolls 20K job additions. Forex traders can compare this to Private Payrolls for October, which showed 233K job additions, and Manufacturing Payrolls, which showed 32K job additions. The Average Work Week for November is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for October, reported at 34.5 hours. Average Hourly Earnings for November are predicted to increase by 0.3% monthly and 4.6% annualized. Forex traders can compare this to Average Hourly Earnings for October, which rose 0.4% monthly and 4.7% annualized.
The forecast for the EUR/USD turned bearish in the short term as this currency pair reached its horizontal resistance area with fading momentum, but the long-term bullish trend is intact. Confirming the lack of short-term bullishness is the flat Ichimoku Kinko Hyo Cloud, while the Kijun-sen and the Tenkan-sen show signs of exhaustion and are vulnerable to a contraction. Traders should monitor the CCI after it spiked deep into extreme overbought territory. A breakdown below 100 could trigger a short-term sell-off before this currency pair resumes its longer-term uptrend. Can bears interrupt the 1,000+ pips rally and pressure the EUR/USD 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 1.0495 to 1.0570 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0530
- Take Profit Zone: 1.0150 – 1.0270
- Stop Loss Level: 1.0640
Should price action for the EUR/USD breakout above 1.0570, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0640
- Take Profit Zone: 1.0765 – 1.0830
- Stop Loss Level: 1.0570
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