Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for March are predicted to increase 3.0% monthly and to decrease 0.3% annualized. Forex traders can compare this to German Retail Sales for February, which increased 1.2% monthly and decreased 9.0% annualized. The Spanish Markit Manufacturing PMI for April is predicted at 59.0. Forex traders can compare this to the Spanish Markit Manufacturing PMI for March, reported at 56.9. The Italian Markit/ADACI Manufacturing PMI for April is predicted at 61.0. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for March, reported at 59.8.
The Final French Markit Manufacturing PMI for April is predicted at 59.2. Forex traders can compare this to the previous French Markit Manufacturing PMI for April, reported at 59.2. The Final German Markit/BME Manufacturing PMI for April is predicted at 66.4. Forex traders can compare this to the previous German Markit/BME Manufacturing PMI for April, reported at 66.4. The Final Eurozone Markit Manufacturing PMI for April is predicted at 63.3. Forex traders can compare this to the previous Eurozone Markit Manufacturing PMI for April, reported at 63.3.
US Construction Spending for March is predicted to increase 2.0% monthly. Forex traders can compare this to US Construction Spending for February, which decreased by 0.8% monthly. The US ISM Manufacturing Index for April is predicted at 65.0. Forex traders can compare this to the US ISM Manufacturing Index for March, reported at 64.7. ISM Prices Paid for April are predicted at 86.0. Forex traders can compare this to ISM Prices Paid for March, reported at 85.6.
The forecast for the EUR/USD turned cautiously bullish after retreating from the breakout above its Ichimoku Kinko Hyo Cloud but remaining above it. Volatility may increase after the Kijun-sen and the Tenkan-sen turned sideways, but bullish pressures continue to dominate. The CCI dropped out of extreme overbought territory and can extend its correction. Traders should wait for more downside before buying the sell-off in this currency pair. Can bulls step in and force the EUR/USD back 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 1.1990 to 1.2070 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2020
- Take Profit Zone: 1.2190 – 1.2245
- Stop Loss Level: 1.1970
Should price action for the EUR/USD breakdown below 1.1990, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1970
- Take Profit Zone: 1.1890 – 1.1925
- Stop Loss Level: 1.1990
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