Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish S&P Global Services PMI for January is predicted at 48.0. Forex traders can compare this to the Spanish S&P Global Services PMI for December, reported at 46.4.
The Italian S&P Global Services PMI for January is predicted at 49.6. Forex traders can compare this to the Italian S&P Global Services PMI for December, reported at 48.5.
The Final French Manufacturing PMI for January is predicted at 50.8. Forex traders can compare this to the French Manufacturing PMI for December, reported at 49.2.
The Final German Manufacturing PMI for January is predicted at 47.0. Forex traders can compare this to the German Manufacturing PMI for December, reported at 47.1.
The Final Eurozone Manufacturing PMI for January is predicted at 48.8. Forex traders can compare this to the Eurozone Manufacturing PMI for December, reported at 47.8.
The Preliminary Italian CPI for January is predicted to expand 0.1% monthly and 10.1% annualized. Forex traders can compare this to the Italian CPI for December, which rose 0.3% monthly and 11.6% annualized. The Preliminary Italian Harmonized CPI for January is predicted to drop 1.5% monthly and surge 11.0% annualized. Forex traders can compare this to the Italian Harmonized CPI for December, which increased 0.2% monthly and 12.3% annualized.
The Eurozone CPI for January is predicted to contract by 0.3% monthly and accelerate by 9.0% annualized. Forex traders can compare this to the Eurozone CPI for December, which dropped by 0.4% monthly and surged by 9.2% annualized. The Eurozone Core CPI for January is predicted to decrease by 0.2% monthly and increase by 5.4% annualized. Forex traders can compare this to the Eurozone Core CPI for December, which expanded 0.6% monthly and 5.2% annualized.
The Eurozone Unemployment Rate for December is predicted at 6.5%. Forex traders can compare this to the Eurozone Unemployment Rate for November, reported at 6.5%.
The US ADP Employment Change for January is predicted at 178K. Forex traders can compare this to the US ADP Employment Change for December, reported at 235K.
US Construction Spending for December is predicted to decrease by 0.1% monthly. Forex traders can compare this to US Construction Spending for November, which rose 0.2% monthly.
The US ISM Manufacturing Index for January is predicted at 48.0, and ISM Prices Paid at 39.5. Forex traders can compare this to the US ISM Manufacturing Index for December, reported at 48.4, and ISM Prices Paid at 39.4. ISM Employment Index for January is predicted at 49.0. Forex traders can compare this to ISM Employment Index for December, reported at 51.4.
US JOLTS Job Openings for December are predicted at 10.250M. Forex traders can compare this to US JOLTS Job Openings for November, reported at 10.458M.
US Crude Oil Inventories for the week ending January 27th are predicted at 0.376M. Traders can compare this to US Crude Oil Inventories for the week ending January 20th, reported at 0.533M. US Gasoline Inventories for the week ending January 27th are predicted at 1.442M, and US Distillate Stocks at -1.300M. Traders can compare this to US Gasoline Inventories for the week ending January 20th, reported at 1.763M, and US Distillate Stocks at -0.507M. Weekly Refinery Utilization Rates for the week ending January 27th rose 0.5% week-over-week. Forex traders can compare this to Weekly Refinery Utilization Rates for the week ending January 20th, which increased 0.8% week-over-week.
The US FOMC Interest Rate Decision is predicted to show interest rates at 4.75%. Forex traders can compare this to the previous US FOMC Interest Rate Decision, which saw interest rates at 4.50%.
The forecast for the EUR/USD remains bullish as the ascending Ichimoku Kinko Hyo Cloud provides upside pressure. Volatility could increase after the Kijun-sen has turned flat as the Tenkan-sen resumes its uptrend. Traders should monitor the CCI after its correction from extreme overbought territory. It briefly dipped below zero before recovering and has plenty of upside potential. Can bulls continue to push the EUR/USD toward 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 1.0835 to 1.0930 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0875
- Take Profit Zone: 1.1065 – 1.1150
- Stop Loss Level: 1.0765
Should price action for the EUR/USD breakdown below 1.0835, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0765
- Take Profit Zone: 1.0645 – 1.0705
- Stop Loss Level: 1.0835
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