Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German GfK Consumer Confidence Survey for March is predicted at -29.0. Forex traders can compare this to the German GfK Consumer Confidence Survey for February, reported at -29.7.
French Consumer Confidence for February is predicted at 92. Forex traders can compare this to French Consumer Confidence for January, reported at 91.
Eurozone M3 Money Supply for January is predicted to increase by 0.3% annualized. Forex traders can compare this to Eurozone M3 Money Supply for December, which rose by 0.1% annualized. Eurozone Private Sector Loans for January are predicted to expand by 0.4% annualized. Forex traders can compare this to Eurozone Private Sector Loans for December, which increased by 0.3% annualized.
US Preliminary Durable Goods Orders for January are predicted to plunge by 4.5% monthly, and Durables Excluding Transportation to increase by 0.2% monthly. Forex traders can compare this to US Durable Goods Orders for December, which were flat at 0.0% monthly, and Durables Excluding Transportation, which rose by 0.6% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for January are predicted to expand by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for December, which rose by 0.3% monthly.
The US House Price Index for December is predicted to increase by 0.3% monthly. Forex traders can compare this to the US House Price Index for November, which rose by 0.3% monthly.
The US S&P/Case-Shiller Composite 20 for June is predicted to surge by 6.00% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for May, which accelerated by 5.40% annualized.
The US Richmond Fed Manufacturing Index for February is predicted at -4, and Manufacturing Shipments at -4. Forex traders can compare this to the US Richmond Fed Manufacturing Index for January, reported at -15, and Manufacturing Shipments at -15.
The forecast for the EUR/USD is cautiously bullish after price action gathered momentum during the past ten trading sessions. This currency pair moved above its flat Kijun-sen, and the ascending Tenkan-sen is on track for a bullish crossover that could provide the next upside catalyst. The widening Ichimoku Kinko Hyo Cloud shows signs of ending its expansion after the Senkou Span B flatlined. Traders should also monitor the CCI in extreme overbought territory. This technical indicator may drop below 100 but remain above zero, keeping the longer-term bullish trend intact. Can bulls maintain control over the EUR/USD and push price action into its horizontal resistance area for a new 2024 high? 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 1.0815 to 1.0875 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0845
- Take Profit Zone: 1.1085 – 1.1140
- Stop Loss Level: 1.0760
Should price action for the EUR/USD breakdown below 1.0815, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0760
- Take Profit Zone: 1.0665 – 1.0695
- Stop Loss Level: 1.0815
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