The Preliminary French Markit Manufacturing PMI for March was reported at 42.9. Economists predicted a figure of 40.0. Forex traders can compare this to the French Markit Manufacturing PMI for February, which was reported at 49.8. The Preliminary French Markit Services PMI for March was reported at 29.0. Economists predicted a figure of 42.0. Forex traders can compare this to the French Markit Services PMI for February, which was reported at 52.5. The Preliminary French Markit Composite PMI for March was reported at 30.2. Economists predicted a figure of 38.8. Forex traders can compare this to the French Markit Composite PMI for February, which was reported at 52.0.
The Preliminary German Markit Manufacturing PMI for March was reported at 45.7. Economists predicted a figure of 39.6. Forex traders can compare this to the German Markit Manufacturing PMI for February, which was reported at 48.0. The Preliminary German Markit Services PMI for March was reported at 34.5. Economists predicted a figure of 42.3. Forex traders can compare this to the German Markit Services PMI for February, which was reported at 52.5. The Preliminary German Markit Composite PMI for March was reported at 37.2. Economists predicted a figure of 40.6. Forex traders can compare this to the German Markit Composite PMI for February, which was reported at 50.7.
The Preliminary Eurozone Markit Manufacturing PMI for March was reported at 44.8. Economists predicted a figure of 39.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for February, which was reported at 49.2. The Preliminary Eurozone Markit Services PMI for March was reported at 28.4. Economists predicted a figure of 39.0. Forex traders can compare this to the Eurozone Markit Services PMI for February, which was reported at 52.6. The Preliminary Eurozone Markit Composite PMI for March was reported at 31.4. Economists predicted a figure of 38.8. Forex traders can compare this to the Eurozone Markit Composite PMI for February, which was reported at 51.6.
The Preliminary US Markit Manufacturing PMI for March is predicted at 44.0. Forex traders can compare this to the US Markit Manufacturing PMI for February, which was reported at 50.7. The Preliminary US Markit Services PMI for March is predicted at 42.0. Forex traders can compare this to the US Markit Services PMI for February, which was reported at 49.4. The Preliminary US Markit Composite PMI for March is predicted at 42.5. Forex traders can compare this to the US Markit Composite PMI for February, which was reported at 49.6.
US New Home Sales for February are predicted to decrease by 1.8% monthly to 750K new homes. Forex traders can compare this to US New Home Sales for January, which increased by 7.9% monthly to 764K new homes. The EUR/USD forecast is turning bullish after the US Fed copied from ECB President Draghi’s rhetoric of whatever it takes. Will price action recover off of strong support levels, or will bears force more selling? 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 1.0775 to 1.0875 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0825
- Take Profit Zone: 1.1185 – 1.1240
- Stop Loss Level: 1.0725
Should price action for the EUR/USD breakdown below 1.0775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0725
- Take Profit Zone: 1.0490 – 1.0570
- Stop Loss Level: 1.0775
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