Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Consumer Confidence for November came in at 90. Forex traders can compare this to French Consumer Confidence for October, reported at 93.
The German GfK Consumer Confidence Survey for December is predicted at -18.8. Forex traders can compare this to the German GfK Consumer Confidence Survey for November, reported at -18.3.
US Initial Jobless Claims for the week of November 18th are predicted at 215K, and US Continuing Claims for the week of November 11th at 1,910K. Forex traders can compare this to US Initial Jobless Claims for the week of November 11th, reported at 213K, and US Continuing Claims for the week of November 4th, reported at 1,908K.
US Preliminary Durable Goods Orders for October are predicted to drop by 0.8% monthly, and Durables Excluding Transportation to increase by 0.2% monthly. Forex traders can compare this to US Durable Goods Orders for September, which were flat at 0.0% monthly, and Durables Excluding Transportation, which increased by 0.5% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for October are predicted to expand by 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for September, which rose by 0.2% monthly.
The Preliminary US GDP for the third quarter is predicted to increase 2.8% quarterly. Forex traders can compare this to the second quarter GDP, which rose 3.0% quarterly. Preliminary GDP Sales for the third quarter are predicted to rise 3.0% quarterly. Forex traders can compare this to second-quarter GDP Sales, which increased by 1.8% quarterly. Preliminary Real Consumer Spending for the third quarter is predicted to rise 3.7% quarterly. Forex traders can compare this to second-quarter Real Consumer Spending, which rose 2.8% quarterly. The Preliminary PCE Index for the third quarter is predicted to expand by 1.5% quarterly and the Core PCE by 2.2% quarterly. Forex traders can compare this to the second quarter PCE Index, which increased by 2.5% quarterly, and the Core PCE, which rose 2.8% quarterly.
US Personal Income for October is predicted to increase by 0.3% monthly and Personal Spending by 0.4% monthly. Forex traders can compare this to Personal Income for September, which rose by 0.3% monthly, and Personal Spending by 0.5% monthly. Real Personal Spending for June is predicted flat at 0.0% monthly. Forex traders can compare this to Real Personal Spending for May, which increased 0.5% monthly. The PCE Deflator for October is predicted to expand by 0.2% monthly. Forex traders can compare this to the PCE Deflator for September, which rose 0.2% monthly. The PCE Core Deflator for October is predicted to accelerate by 0.3% monthly and 2.8% annualized. Forex traders can compare this to the PCE Core Deflator for September, which increased by 0.3% monthly and 2.7% annualized.
The forecast for the EUR/USD is cautiously bullish after this currency pair stabilized at its horizontal support area. Price action trades above its flat Tenkan-sen but below its flat Kijun-sen. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud have flatlined, suggesting the lack of medium-term selling pressure. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator has plenty of upside potential, and a move above zero could spark the next advance. Can bulls maintain control over the EUR/USD and push price action 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 1.0450 to 1.0530 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0495
- Take Profit Zone: 1.0755 – 1.0810
- Stop Loss Level: 1.0415
Should price action for the EUR/USD break down below 1.0450, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0415
- Take Profit Zone: 1.0300 – 1.0350
- Stop Loss Level: 1.0450
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