Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Manufacturing PMI for May is predicted at 52.5. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for April, reported at 52.2.
The Italian HCOB Manufacturing PMI for May is predicted at 47.9. Forex traders can compare this to the Italian Manufacturing PMI for April, reported at 47.3.
The Final French HCOB Manufacturing PMI for May is predicted at 46.7. Forex traders can compare this to the French Manufacturing PMI for April, reported at 45.3.
The Final German HCOB Manufacturing PMI for May is predicted at 45.4. Forex traders can compare this to the German Manufacturing PMI for April, reported at 42.5.
The Final Eurozone HCOB Manufacturing PMI for May is predicted at 47.4. Forex traders can compare this to the Eurozone Manufacturing PMI for April, reported at 45.7.
The Final US S&P Global Manufacturing PMI for May is predicted at 50.9. Forex traders can compare this to the US S&P Global Manufacturing PMI for April, reported at 50.0.
US Construction Spending for April is predicted to rise 0.2% monthly. Forex traders can compare this to US Construction Spending for March, which decreased 0.2% monthly.
The US ISM Manufacturing Index for May is predicted at 49.8, and ISM Prices Paid at 60.0. Forex traders can compare this to the US ISM Manufacturing Index for April, reported at 49.2, and ISM Prices Paid at 60.9.
The forecast for the EUR/USD remains bullish after this currency pair broke out above its Ichimoku Kinko Hyo Cloud. Short-term volatility could increase with the Tenkan-sen and the Kijun-sen flat, but price action trades above both. The Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bullish crossover above the Senkou Span B, adding to longer-term upside momentum. Traders should also monitor the CCI after moving above the zero level, providing another bullish catalyst. This technical indicator has plenty of upside potential. Can bulls maintain control over the EUR/USD and push this currency pair 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 1.0830 to 1.0870 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0850
- Take Profit Zone: 1.0980 – 1.1025
- Stop Loss Level: 1.0790
Should price action for the EUR/USD break down below 1.0830, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0790
- Take Profit Zone: 1.0710 – 1.0740
- Stop Loss Level: 1.0830
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