Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German GfK Consumer Confidence Survey for December came in at -27.8. Economists predicted a figure of -27.9. Forex traders can compare this to the German GfK Consumer Confidence Survey for November, reported at -28.1.
French Consumer Confidence for November is predicted at 84. Forex traders can compare this to French Consumer Confidence for October, reported at 84.
Eurozone M3 Money Supply for October is predicted to decrease by 0.9% annualized. Forex traders can compare this to Eurozone M3 Money Supply for September, which dropped by 1.3% annualized. Eurozone Private Sector Loans for October are predicted to rise by 0.7% annualized. Forex traders can compare this to Eurozone Private Sector Loans for September, which increased by 0.8% annualized.
The US House Price Index for September is predicted to increase by 0.4% monthly. Forex traders can compare this to the US House Price Index for August, which rose by 0.6% monthly.
The US S&P/Case-Shiller Composite 20 for September is predicted to rise by 4.00% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for August, which rose by 2.20% annualized.
US Consumer Confidence for November is predicted at 101.0. Forex traders can compare this to US Consumer Confidence for October, reported at 102.6.
The US Richmond Fed Manufacturing Index for November is predicted at 1. Forex traders can compare this to the US Richmond Fed Manufacturing Index for October, reported at 3.
Today’s trading session will also feature speeches by Joachim Nagel, the German Bundesbank President, Elizabeth McCaul, a member of the ECB Supervisory Board, Philip Lane, a member of the Executive Board of the ECB, Austan Goolsbee, the Federal Reserve Bank of Chicago President, Christopher Waller, member of the Federal Reserve Board of Governors, Michelle Bowman, member of the US Federal Reserve FOMC, and Michael Barr, the Fed Vice Chair for Supervision of the Board of Governors.
The forecast for the EUR/USD is cautiously bullish after this currency pair completed a breakout above its ascending Ichimoku Kinko Hyo Cloud, with the Senkou Span A and the Senkou Span B moving higher. Volatility could increase after the Kijun-sen flatlined with the Tenkan-sen moving higher. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator shows a lack of downside momentum and has more upside potential. Can bulls maintain control over the EUR/USD and push price action into its horizontal resistance area and a multi-month high? 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 1.0900 to 1.0965 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0945
- Take Profit Zone: 1.1150 – 1.1230
- Stop Loss Level: 1.0850
Should price action for the EUR/USD breakdown below 1.0900, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0850
- Take Profit Zone: 1.0665 – 1.0740
- Stop Loss Level: 1.0900
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