Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish Unemployment Change for February is predicted at 11.5K. Forex traders can compare this to the Spanish Unemployment Change for January, reported at 70.7K.
The Italian Unemployment Rate for January is predicted at 7.8%. Forex traders can compare this to the Italian Unemployment Rate for December, reported at 7.8%.
The Preliminary Italian CPI for February is predicted to expand 0.1% monthly and 8.8% annualized. Forex traders can compare this to the Italian CPI for January, which rose 0.1% monthly and 10.0% annualized. The Preliminary Italian Harmonized CPI for February is predicted to drop 0.4% monthly and surge by 9.4% annualized. Forex traders can compare this to the Italian Harmonized CPI for January, which plunged 1.5% monthly and accelerated by 10.7% annualized.
The Eurozone CPI for February is predicted to surge by 8.2% annualized, and the Eurozone Core CPI by 5.3%. Forex traders can compare this to the Eurozone CPI for January, which increased 8.6% annualized, and to the Eurozone Core CPI, which rose 5.3% annualized.
The Eurozone Unemployment Rate for January is predicted at 6.6%. Forex traders can compare this to the Eurozone Unemployment Rate for December, reported at 6.6%.
US Initial Jobless Claims for the week of February 25th are predicted at 195K, and US Continuing Claims for the week of February 18th at 1,665K. Forex traders can compare this to US Initial Jobless Claims for the week of February 18th, reported at 192K, and US Continuing Claims for the week of February 11th at 1,654K.
Final US Non-Farm Productivity for the fourth quarter is predicted to increase by 2.6% quarterly, and Unit Labor Costs to rise by 1.6% quarterly. Forex traders can compare this to US Non-Farm Productivity for the third quarter, which rose by 1.4% quarterly, and Unit Labor Costs, which increased by 2.0% quarterly.
US Natural Gas Inventories for the week ending February 24th are predicted at -75B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending February 17th, reported at -71B cubic feet.
The forecast for the EUR/USD remains bullish after this currency pair bounced off the Senkou Span B of its ascending but narrowing Ichimoku Kinko Hyo Cloud. Volatility could rise with the Kijun-sen and the Tenkan-sen flat until the next catalyst emerges. Traders should also monitor the CCI after it recorded a higher low in extreme oversold territory, followed by a breakout. A push above zero could spark another advance in price action. Can bulls maintain upside momentum to push the EUR/USD into its horizontal resistance area and past 1.1000? 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 1.0620 to 1.0690 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0635
- Take Profit Zone: 1.0940 – 1.1030
- Stop Loss Level: 1.0575
Should price action for the EUR/USD breakdown below 1.0620, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0575
- Take Profit Zone: 1.0480 – 1.0560
- Stop Loss Level: 1.0620
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