Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for October decreased 0.3% monthly and 2.9% annualized. Economists predicted an increase of 1.0% and a decrease of 2.0%. Forex traders can compare this to German Retail Sales for September, which decreased 1.9% monthly and 0.6% annualized.
The Spanish Markit Manufacturing PMI for November is predicted at 57.9. Forex traders can compare this to the Spanish Markit Manufacturing PMI for October, reported at 57.4. The Italian Markit/ADACI Manufacturing PMI for November is predicted at 61.1. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for October, reported at 61.1.
The Final French Markit Manufacturing PMI for November is predicted at 54.6. Forex traders can compare this to the French Markit Manufacturing PMI for October, reported at 53.6. The Final German Markit/BME Manufacturing PMI for November is predicted at 57.6. Forex traders can compare this to the German Markit/BME Manufacturing PMI for October, reported at 57.8. The Final Eurozone Markit Manufacturing PMI for November is predicted at 58.6. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for October, reported at 58.3.
The US ADP Employment Change for November is predicted at 525K. Forex traders can compare this to the US ADP Employment Change for October, reported at 571K. US Construction Spending for October is predicted to increase 0.4% monthly. Forex traders can compare this to US Construction Spending for September, which decreased 0.5% monthly.
The US ISM Manufacturing Index for November is predicted at 61.0. Forex traders can compare this to the US ISM Manufacturing Index for October, reported at 60.8. ISM Prices Paid for November are predicted at 85.5. Forex traders can compare this to ISM Prices Paid for October, reported at 85.7.
The forecast for the EUR/USD remains bullish after this currency pair broke out of its bearish chart pattern. Traders should expect a rise in short-term volatility after the Tenkan-sen and the Kijun-sen turned sideways. The Ichimoku Kinko Hyo Cloud maintains its downtrend, but the CCI accelerated out of extreme oversold territory with more upside potential. Can bulls maintain the uptrend and pressure 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 1.1530 to 1.1580 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1350
- Take Profit Zone: 1.1640 – 1.1715
- Stop Loss Level: 1.1285
Should price action for the EUR/USD breakdown below 1.1315, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1285
- Take Profit Zone: 1.1180 – 1.1230
- Stop Loss Level: 1.1315
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