Source: PaxForex Premium Analytics Portal, Fundamental Insight
Eurozone Retail Sales for January are predicted to decrease by 1.1% monthly and by 1.2% annualized. Forex traders can compare this to Eurozone Retail Sales for December, which increased by 2.0% monthly and by 0.6% annualized. The Eurozone Unemployment Rate for January is predicted at 8.3%. Forex traders can compare this to the Eurozone Unemployment Rate for December, reported at 8.3%.
US Initial Jobless Claims for the week of February 27th are predicted at 750K, and US Continuing Claims for the week of February 20th are predicted at 4,300K. Forex traders can compare this to US Initial Jobless Claims for the week of February 20th, reported at 730K, and to US Continuing Claims for the week of February 13th, reported at 4,419K.
Final US Non-Farm Productivity for the fourth quarter is predicted to decrease by 4.7% quarterly, and Unit Labor Costs are predicted to increase by 6.6% quarterly. Forex traders can compare this to US Non-Farm Productivity for the third quarter, which increased by 4.6% quarterly, and to Unit Labor Costs, which decreased by 7.0% quarterly. US Factory Orders for January are predicted to increase by 2.1% monthly. Forex traders can compare this to US Factory Orders for December, which increased by 1.1% monthly.
The forecast for the EUR/USD turned bullish again after a healthy sell-off into a strong support area. Negative economic employment and services data confirm ongoing weakness in the US with more debt adding downside pressure. The Kijun-sen and the Tenkan-sen flatlined while the Ichimoku Kinko Hyo Cloud continues to ascend. After the CCI dipped into extreme oversold territory, it quickly recovered. While it may remain volatile, a move higher is likely. Will bulls rally once more and pressure the EUR/USD into its waiting 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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