Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for September are predicted to increase 0.6% monthly and 1.8% annualized. Forex traders can compare this to German Retail Sales for August, which increased 1.1% monthly and 0.4% annualized.
The Final US Markit Manufacturing PMI for October is predicted at 59.2. Forex traders can compare this to the US Markit Manufacturing PMI for September, reported at 60.7. US Construction Spending for September is predicted to increase 0.4% monthly. Forex traders can compare this to US Construction Spending for August, which increased 0.3% monthly.
The US ISM Manufacturing Index for October is predicted at 60.5. Forex traders can compare this to the US ISM Manufacturing Index for September, reported at 61.1. ISM Prices Paid for October are predicted at 78.5. Forex traders can compare this to ISM Prices Paid for September, reported at 81.2.
The forecast for the EUR/USD turned cautiously bullish after Friday’s slump resulted in a higher low and price action stabilized. Short-term selling pressure persists as the Kijun-sen maintains its downtrend, but the Tenkan-sen turned flat. Adding to rising bullish sentiment is the Ichimoku Kinko Hyo Cloud after the Senkou Span B flattened with the Senkou Span A showing signs of upside momentum. The CCI plunged into extreme oversold territory but notched a higher low. Traders should wait for a breakout above -100 before buying this currency pair. Will bulls regain control over the EUR/USD and pressure 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 1.1530 to 1.1580 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1560
- Take Profit Zone: 1.1785 – 1.1815
- Stop Loss Level: 1.1450
Should price action for the EUR/USD breakdown below 1.1530, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1450
- Take Profit Zone: 1.1280 – 1.1340
- Stop Loss Level: 1.1530
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.