Source: PaxForex Premium Analytics Portal, Fundamental Insight
Spanish Retail Sales for March are predicted to increase by 5.5% annualized. Forex traders can compare this to Spanish Retail Sales for February, which rose 4.0% annualized.
The Spanish Unemployment Rate for the first quarter is predicted at 12.90%. Forex traders can compare this to the Spanish Unemployment Rate for the fourth quarter, reported at 12.87%.
Italian Business Confidence for April is predicted at 104.0, and Italian Consumer Confidence at 105.5. Forex traders can compare this to Italian Business Confidence for March, reported at 104.2, and Italian Consumer Confidence at 105.1.
Eurozone Economic Sentiment for April is predicted at 99.9. Forex traders can compare this to Eurozone Economic Sentiment for March, reported at 99.3. Eurozone Industrial Sentiment for April is predicted at 0.1, and Eurozone Services Sentiment at 9.4. Forex traders can compare this to Eurozone Industrial Sentiment for March, reported at -0.2, and Eurozone Services Sentiment at 9.4. Final Eurozone Consumer Confidence for April is predicted at -17.5. Forex traders can compare this to the previous Eurozone Consumer Confidence for April, reported at -17.5. Eurozone Consumer Inflation Expectations for April are predicted at 18.0, and Eurozone Selling Price Expectations at 16.0. Forex traders can compare this to Eurozone Consumer Inflation Expectations for March, reported at 18.9, and Eurozone Selling Price Expectations at 18.7.
Spanish Business Confidence for April is predicted at -2.2. Forex traders can compare this to Spanish Business Confidence for March, reported at -2.9.
US Initial Jobless Claims for the week of April 22nd are predicted at 248K, and US Continuing Claims for the week of April 15th at 1,878K. Forex traders can compare this to US Initial Jobless Claims for the week of April 15th, reported at 245K, and US Continuing Claims for the week of April 8th at 1,865K.
The Preliminary US GDP for the first quarter is predicted to increase by 2.0% quarterly. Forex traders can compare this to the fourth quarter GDP, which increased 2.6% quarterly. Preliminary Personal Consumption for the first quarter is predicted to increase by 2.3% annualized. Forex traders can compare this to fourth-quarter Personal Consumption, which increased by 1.1% annualized. The Preliminary GDP Price Index for the first quarter is predicted to increase by 3.7% annualized. Forex traders can compare this to the fourth quarter GDP Price Index, which increased by 3.9% annualized. The Preliminary Core PCE for the first quarter is predicted to increase by 4.7% annualized. Forex traders can compare this to the fourth quarter Core PCE, which increased by 4.4% annualized.
US Pending Home Sales for March are predicted to increase by 0.5% monthly. Forex traders can compare this to US Pending Home Sales for February, which rose 0.8% monthly.
US Natural Gas Inventories for the week ending April 21st are predicted at 75B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending April 14th, reported at 75B cubic feet.
The US Kansas City Fed Manufacturing Activity Index for April is predicted at 3. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for March, reported at 3. The US Kansas City Fed Composite Index for April is predicted at 0. Forex traders can compare this to the US Kansas City Fed Composite Index for March, reported at 0.
The forecast for the EUR/USD is cautiously bullish following the bullish crossover in the Ichimoku Kinko Hyo Cloud. Volatility could rise after the Kijun-sen and the Tenkan-sen flatlined. Traders should also monitor the CCI in extreme overbought territory, where a breakdown could precede the next advance. Bullish momentum will remain intact while this technical indicator remains above zero. Will bulls maintain control over the EUR/USD and force price action into fresh 2023 highs? 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 1.1025 to 1.1075 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1050
- Take Profit Zone: 1.1185 – 1.1280
- Stop Loss Level: 1.0965
Should price action for the EUR/USD breakdown below 1.1025, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0965
- Take Profit Zone: 1.0875 – 1.0905
- Stop Loss Level: 1.1025
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