Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary French Markit Manufacturing PMI for March is predicted at 56.5. Forex traders can compare this to the French Markit Manufacturing PMI for January, reported at 56.1. The Preliminary French Markit Services PMI for March is predicted at 45.5. Forex traders can compare this to the French Markit Services PMI for January, reported at 45.6. The Preliminary French Markit Composite PMI for March is predicted at 47.2. Forex traders can compare this to the French Markit Composite PMI for January, reported at 47.0.
The Preliminary German Markit Manufacturing PMI for March is predicted at 60.8. Forex traders can compare this to the German Markit Manufacturing PMI for January, reported at 60.7. The Preliminary German Markit Services PMI for March is predicted at 46.2. Forex traders can compare this to the German Markit Services PMI for January, reported at 45.7. The Preliminary German Markit Composite PMI for March is predicted at 51.6. Forex traders can compare this to the German Markit Composite PMI for January, reported at 51.1.
The Preliminary Eurozone Markit Manufacturing PMI for March is predicted at 57.7. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for January, reported at 57.9. The Preliminary Eurozone Markit Services PMI for March is predicted at 46.0. Forex traders can compare this to the Eurozone Markit Services PMI for January, reported at 45.7. The Preliminary Eurozone Markit Composite PMI for March is predicted at 49.1. Forex traders can compare this to the Eurozone Markit Composite PMI for January, reported at 48.8.
US Preliminary Durable Goods Orders for February are predicted to increase by 0.8% monthly, and Durables Excluding Transportation are predicted to increase by 0.6% monthly. Forex traders can compare this to US Durable Goods Orders for January, which increased by 3.4% monthly, and to Durables Excluding Transportation, which increased by 1.3% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to increase by 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January, which increased by 0.4% monthly.
The Preliminary US Markit Manufacturing PMI for March is predicted at 59.3, and the Preliminary US Markit Services PMI at 60.0. Forex traders can compare this to the US Markit Manufacturing PMI for February, reported at 58.6, and to the US Markit Services PMI, reported at 59.8.
The outlook for the EUR/USD is slowly turning bullish after its most recent sell-off took into a strong support area. With the Tenkan-sen slowing its descend and the Kijun-sen sloping marginally lower, bearish pressure should fade, but today’s PMI data out of the Eurozone and the US will dictate price action during today’s trading session. The CCI is in extreme oversold territory and maintains downside momentum while holding on to a higher low. Will today’s economic data deliver enough power for bulls to force the EUR/USD into a reversal until it can challenge its next 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 1.2025 to 1.2095 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2060
- Take Profit Zone: 1.2310 – 1.2350
- Stop Loss Level: 1.1990
Should price action for the EUR/USD breakdown below 1.2025, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1990
- Take Profit Zone: 1.1890 – 1.1925
- Stop Loss Level: 1.2025
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