Source: PaxForex Premium Analytics Portal, Fundamental Insight
Eurozone M3 Money Supply for November is predicted to increase by 5.0% annualized. Forex traders can compare this to Eurozone M3 Money Supply for October, which rose 5.1% annualized. Eurozone Private Sector Loans for November are predicted to expand by 4.3% annualized, and Loans to Non-Financial Corporations are predicted to surge by 8.6%. Forex traders can compare this to Eurozone Private Sector Loans for October, which rose by 4.2% annualized, and Loans to Non-Financial Corporations, which sky-rocketed by 8.9% annualized.
US Initial Jobless Claims for the week of December 24th are predicted at 225K, and US Continuing Claims for the week of December 17th are predicted at 1,686K. Forex traders can compare this to US Initial Jobless Claims for the week of December 17th, reported at 216K, and to US Continuing Claims for the week of December 10th, reported at 1,672K.
US Crude Oil Inventories for the week ending December 23rd are predicted at -1.520M. Traders can compare this to US Crude Oil Inventories for the week ending December 16th, reported at -5.894M. US Gasoline Inventories for the week ending December 23rd are predicted at 0.520M, and US Distillate Stocks at -2.050M. Traders can compare this to US Gasoline Inventories for the week ending December 16th, reported at 2.530M, and US Distillate Stocks at -0.242M. Weekly Refinery Utilization Rates for the week ending December 23rd decreased by 0.1% week-over-week. Forex traders can compare this to Weekly Refinery Utilization Rates for the week ending December 16th, which dropped by 1.3% week-over-week.
US Natural Gas Inventories for the week ending December 23rd are predicted at -201B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending December 16th, reported at -87B cubic feet.
The forecast for the EUR/USD turned bullish after this currency pair entered a sideways trend to deflate bearish momentum. Volatility could rise as bulls and bears wrestle for control over the next directional move, with the Tenkan-sen and the Kijun-sen trending sideways. The ascending Ichimoku Kinko Hyo Cloud adds bullish pressures and should guide price action higher. Traders should monitor the CCI after it has completed a breakdown from extreme overbought conditions. It could temporarily dip below zero or bounce off the -100 level before reversing, which will provide the final buy signal. Can bulls repel bearish attacks 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 1.0535 to 1.0670 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0620
- Take Profit Zone: 1.0935 – 1.1035
- Stop Loss Level: 1.0480
Should price action for the EUR/USD breakdown below 1.0535, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0480
- Take Profit Zone: 1.0290 – 1.0355
- Stop Loss Level: 1.0535
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