Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Factory Orders for August plunged 5.8% monthly. Economists predicted a decrease of 1.8%. Forex traders can compare this to German Factory Orders for July, which increased 3.9% monthly.
Eurozone Sentix Investor Confidence for October is predicted at -14.6. Forex traders can compare this to Eurozone Sentix Investor Confidence for September, reported at -15.4.
Eurozone Retail Sales for August are predicted to increase by 0.2% monthly. Forex traders can compare this to Eurozone Retail Sales for July, which rose by 0.1% monthly.
US Consumer Credit for August is predicted at $11.80B. Forex traders can compare this to US Consumer Credit for July, reported at $25.45B.
The EUR/USD could witness short-term volatility spikes following central bank speeches by German Bundesbank member Balz, German Bundesbank President Nagel, Federal Reserve Bank of Atlanta President and Federal Open Market Committee (FOMC) Member Raphael Bostic, Federal Reserve Bank of Minneapolis President Neel Kashkari, and Federal Open Market Committee (FOMC) Member Bowman.
The forecast for the EUR/USD has turned cautiously bullish after this currency pair corrected into its horizontal support area. The Tenkan-sen and the Kijun-sen have flatlined, suggesting more short-term volatility ahead. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are moving higher, providing medium-term bullish momentum. Traders should also monitor the CCI in extreme oversold territory. This technical indicator started to move higher, and a breakout above -100 could trigger the next leg higher. Can bulls regain control over the EUR/USD and push price action into its horizontal resistance area to a fresh 2024 high? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/USD break down below 1.0935, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0965
- Take Profit Zone: 1.1155 – 1.1200
- Stop Loss Level: 1.0890
Should price action for the EUR/USD break down below 1.0830, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0890
- Take Profit Zone: 1.0780 – 1.0810
- Stop Loss Level: 1.0935
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