Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final German CPI for June is predicted to increase by 0.1% monthly and 2.2% annualized. Forex traders can compare this to the German CPI for May, which rose by 0.1% monthly and 2.4% annualized. The Final EU Harmonized German CPI for June is predicted to accelerate by 0.2% monthly and 2.5% annualized. Forex traders can compare this to the EU Harmonized German CPI for May, which rose by 0.2% monthly and 2.8% annualized.
US Initial Jobless Claims for the week of July 6th are predicted at 240K, and US Continuing Claims for the week of June 29th at 1,860K. Forex traders can compare this to US Initial Jobless Claims for the week of June 29th, reported at 238K, and US Continuing Claims for the week of June 22nd, reported at 1,858K.
The US CPI for June is predicted to increase by 0.1% monthly and by 3.1% annualized. Forex traders can compare this to the US CPI for May, which was flat at 0.0% monthly and expanded by 3.3% annualized. The US Core CPI for June is predicted to grow by 0.2% monthly and 3.4% annualized. Forex traders can compare this to the US Core CPI for May, which rose by 0.2% monthly and 3.4% annualized.
US Natural Gas Inventories for the week ending July 5th are predicted at 56B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending June 28th, reported at 32B cubic feet.
The US Monthly Budget Statement for June is predicted at -$71.2B. Forex traders can compare this to the US Monthly Budget Statement for May, reported at -$347.0B.
The forecast for the EUR/USD has turned cautiously bearish after this currency pair reached its horizontal resistance area. The Kijun-sen shifts lower, with the Tenkan-sen moving higher, adding to short-term volatility. The Senkou Span A completed a bearish crossover below the Senkou Span B, leaving the Ichimoku Kinko Hyo Cloud in a narrow bearish stance. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator has plenty of downside potential to lead price action lower. Can bears maintain control over the EUR/USD and push this currency pair 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 1.0815 to 1.0855 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0840
- Take Profit Zone: 1.0690 – 1.0725
- Stop Loss Level: 1.0870
Should price action for the EUR/USD break out above 1.0855, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0870
- Take Profit Zone: 1.0915 – 1.0950
- Stop Loss Level: 1.0855
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