Source: PaxForex Premium Analytics Portal, Fundamental Insight

The French Business Survey for June is predicted at 105. Forex traders can compare this to the French Business Survey for May, reported at 106.

The Preliminary French Markit Manufacturing PMI for June is predicted at 54.0, the Preliminary French Markit Services PMI at 57.6, and the Preliminary French Markit Composite PMI at 56.0. Forex traders can compare this to the French Markit Manufacturing PMI for May, reported at 54.6, the French Markit Services PMI at 58.3, and the French Markit Composite PMI at 57.0.

The Preliminary German Markit Manufacturing PMI for June is predicted at 54.0, the Preliminary German Markit Services PMI at 54.5, and the Preliminary German Markit Composite PMI at 53.1. Forex traders can compare this to the German Markit Manufacturing PMI for May, reported at 54.8, the German Markit Services PMI at 55.0, and the German Markit Composite PMI at 53.7.

The Preliminary Eurozone Markit Manufacturing PMI for June is predicted at 53.9, the Preliminary Eurozone Markit Services PMI at 55.5, and the Preliminary Eurozone Markit Composite PMI at 54.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for May, reported at 54.8, the Eurozone Markit Services PMI at 56.1, and the Eurozone Markit Composite PMI at 54.6.

US Initial Jobless Claims for the week of June 18th are predicted at 227K, and US Continuing Claims for the week of June 11th are predicted at 1,315K. Forex traders can compare this to US Initial Jobless Claims for the week of June 11th, reported at 229K, and US Continuing Claims for the week of June 4th, reported at 1,312K.

The US Current Account Balance for the first quarter is predicted at -$273.5B. Forex traders can compare this to the US Current Account Balance for the fourth quarter, reported at -$217.9B.

The Preliminary US Markit Manufacturing PMI for June is predicted at 56.0, and the Preliminary US Markit Services PMI at 53.5. Forex traders can compare this to the US Markit Manufacturing PMI for May, reported at 57.0, and the US Markit Services PMI at 53.4.

US Natural Gas Inventories for the week ending June 17th are predicted at 65B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending June 10th, reported at 92B cubic feet.

US Crude Oil Inventories for the week ending June 17th are predicted at -0.569M. Traders can compare this to US Crude Oil Inventories for the week ending June 10th, reported at 1.956M. US Gasoline Inventories for the week ending June 17th are predicted at -0.452M and US Distillate Stocks at 0.328M. Traders can compare this to US Gasoline Inventories for the week ending June 10th, reported at -0.710M, and to US Distillate Stocks at 0.725M.

The forecast for the EUR/USD remains bullish after this currency pair bounced off its horizontal support area. It is now challenging its Ichimoku Kinko Hyo Cloud but has enough momentum to push through it. Volatility is likely to expand as the Kijun-sen moves lower, the Tenkan-sen remains flat, and bulls and bears square off for control at the Senkou Span A of its Ichimoku Kinko Hyo Cloud. Traders should monitor the CCI following its breakout from extreme oversold territory. It crossed above the zero level and has plenty of upside potential. Can bulls extend their gains 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 1.0500 to 1.0640 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 1.0565
• Take Profit Zone: 1.0935 – 1.1000
• Stop Loss Level: 1.0410

Should price action for the EUR/USD breakdown below 1.0500, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 1.0410
• Take Profit Zone: 1.0165 – 1.0200
• Stop Loss Level: 1.0500

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