Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Final German GDP for the third quarter increased by 8.5% quarterly and decreased 3.9% annualized. Economists predicted an increase of 8.2% and a decrease of 4.1% annualized. Forex traders can compare this to the second quarter of German GDP, which decreased 9.7% quarterly and by 11.3% annualized. The French Business Survey for November is predicted at 91. Forex traders can compare this to the French Business Survey for October, reported at 93.
The German IFO Business Climate Index for November is predicted at 90.1. Forex traders can compare this to the German IFO Business Climate Index for October, reported at 92.7. The German IFO Current Assessment Index for November is predicted at 87.0. Forex traders can compare this to the German IFO Current Assessment Index for October, reported at 90.3. The German IFO Expectations Index for November is predicted at 93.5. Forex traders can compare this to the German IFO Expectations Index for October, reported at 95.0.
The US S&P/Case-Shiller Composite 20 for September is predicted to increase by 0.50% monthly and by 5.10% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for August, which increased by 1.10% monthly and by 5.20% annualized. US Consumer Confidence for November is predicted at 98.0. Forex traders can compare this to US Consumer Confidence for October, reported at 100.9.
The forecast for the EUR/USD continues to carry a bullish bias after moving above its Ichimoku Kinko Hyo Cloud. While the Kijun-sen is flat, the Tenkan-sen is moving higher, supporting more upside in this currency pair. The CCI moved out of extreme overbought territory and can reverse higher with more upside potential. Will bulls get the data needed to push the EUR/USD into 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 1.1830 to 1.1900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1855
- Take Profit Zone: 1.1965 – 1.2010
- Stop Loss Level: 1.1800
Should price action for the EUR/USD breakdown below 1.1830 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1800
- Take Profit Zone: 1.1700 – 1.1735
- Stop Loss Level: 1.1830
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