The Preliminary French Markit Manufacturing PMI for May was reported at 40.3. Economists predicted a figure of 36.1. Forex traders can compare this to the French Markit Manufacturing PMI for April, which was reported at 31.5. The Preliminary French Markit Services PMI for May was reported at 29.4. Economists predicted a figure of 27.8. Forex traders can compare this to the French Markit Services PMI for April, which was reported at 10.2. The Preliminary French Markit Composite PMI for May was reported at 30.5. Economists predicted a figure of 32.0. Forex traders can compare this to the French Markit Composite PMI for April, which was reported at 11.1.

The Preliminary German Markit Manufacturing PMI for May was reported at 36.8. Economists predicted a figure of 39.2. Forex traders can compare this to the German Markit Manufacturing PMI for April, which was reported at 34.5. The Preliminary German Markit Services PMI for May was reported at 31.4. Economists predicted a figure of 26.6. Forex traders can compare this to the German Markit Services PMI for April, which was reported at 16.2. The Preliminary German Markit Composite PMI for May was reported at 31.4. Economists predicted a figure of 34.1. Forex traders can compare this to the German Markit Composite PMI for April, which was reported at 17.4.

The Preliminary Eurozone Markit Manufacturing PMI for May was reported at 39.5. Economists predicted a figure of 38.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for April, which was reported at 33.4. The Preliminary Eurozone Markit Services PMI for May was reported at 28.7. Economists predicted a figure of 25.0. Forex traders can compare this to the Eurozone Markit Services PMI for April, which was reported at 12.0. The Preliminary Eurozone Markit Composite PMI for May was reported at 30.5. Economists predicted a figure of 25.0. Forex traders can compare this to the Eurozone Markit Composite PMI for April, which was reported at 13.6.

US Initial Jobless Claims for the week of May 16th are predicted at 2,400K and US Continuing Claims for the week of May 9th are predicted at 24,765K. Forex traders can compare this to US Initial Jobless Claims for the week of May 9th, which were reported at 2,981K and to US Continuing Claims for the week of May 2nd, which were reported at 22,833K. The Philadelphia Fed Manufacturing Index for May is predicted at -41.5. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for April, which was reported at -56.6.

The Preliminary US Markit Manufacturing PMI for May is predicted at 38.0. Forex traders can compare this to the US Markit Manufacturing PMI for April, which was reported at 36.1. The Preliminary US Markit Services PMI for May is predicted at 30.0. Forex traders can compare this to the US Markit Services PMI for April, which was reported at 26.7. The Preliminary US Markit Composite PMI for May is predicted at 30.5. Forex traders can compare this to the US Markit Composite PMI for April, which was reported at 27.0.

US Existing Home Sales for April are predicted to decrease by 18.9% monthly to 4.30M. Forex traders can compare this to US Existing Home Sales for March, which decreased by 8.5% monthly to 5.27M. The US Leading Index for April is predicted to decrease by 5.5% monthly. Forex traders can compare this to the US Leading Index for March, which decreased by 6.7% monthly.

The EUR/USD forecast maintains its bullishness despite this morning’s mixed preliminary PMI reports out of France, Germany, and the Eurozone for May. They confirmed the economic impact on the economy from the Covid-19 pandemic is more severe than economists and political leaders realized. After pushing into the Ichimoku Kinko Hyo cloud, this currency pair is now exposed to yet another disappointing US initial jobless claims reports, which is expected to drive price action higher. Will bulls receive the required data? 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 1.0935 to 1.1015 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.0965
• Take Profit Zone: 1.1210 – 1.1270
• Stop Loss Level: 1.0875

Should price action for the EUR/USD breakdown below 1.0935 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.0875
• Take Profit Zone: 1.0635 – 1.0725
• Stop Loss Level: 1.0935

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