Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German Trade Balance for August was reported at a €15.7B. Economists predicted a figure of €18.2B. Forex traders can compare this to German Trade Balance for July, reported at €18.0B. Exports for August increased by 2.4% monthly, and Imports increased by 5.8% monthly. Economists predicted an increase of 1.4% and 1.4%. Forex traders can compare this to Exports for July, which increased by 4.7% monthly, and to Imports, which increased by 1.1% monthly. The German Current Account Balance for August was reported at a €16.5B. Forex traders can compare this to the German Current Account Balance for July, reported at €21.0B.
US Initial Jobless Claims for the week of September 26th are predicted at 820K, and US Continuing Claims for the week of September 19th are predicted at 11,400K. Forex traders can compare this to US Initial Jobless Claims for the week of September 19th, which were reported at 837K, and to US Continuing Claims for the week of September 12th, which were reported at 11,767K.
The forecast for the EUR/USD remains cautiously bullish with price action inside of its Ichimoku Kinko Hyo Cloud. The Tenkan-sen is trending sideways with the Kijun-sen in a downtrend, while this currency pair is above it. The CCI is nearing overbought levels but has more upside potential. Today’s US initial jobless claims can provide the next upside catalyst. Will bulls receive the necessary data to keep pushing higher and into its horizontal resistance zone? 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 1.1710 to 1.1800 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1775
- Take Profit Zone: 1.1920 – 1.2010
- Stop Loss Level: 1.1695
Should price action for the EUR/USD breakdown below 1.1710 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1695
- Take Profit Zone: 1.1610 – 1.1650
- Stop Loss Level: 1.1710
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