Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Preliminary Spanish CPI for September is predicted to increase 0.6% monthly and 10.1% annualized. Forex traders can compare this to the Spanish CPI for August, which rose 0.3% monthly and surged 10.5% annualized. The Spanish Harmonized CPI for September is predicted to rise 0.6% monthly and 10.5% annualized. Forex traders can compare this to the Spanish Harmonized CPI for August, which increased 0.3% monthly and accelerated 10.5% annualized.
Eurozone Economic Sentiment for September is predicted at 95.0. Forex traders can compare this to Eurozone Economic Sentiment for August, reported at 97.6. Eurozone Industrial Sentiment for September is predicted at -1.0, and Eurozone Services Sentiment at 7.0. Forex traders can compare this to Eurozone Industrial Sentiment for August, reported at 1.2, and the Eurozone Services Sentiment at 8.7. Final Eurozone Consumer Confidence for September is predicted at -28.8. Forex traders can compare this to the previous Eurozone Consumer Confidence for August, reported at -28.8.
The Preliminary German CPI for September is predicted to increase 1.3% monthly and 9.4% annualized. Forex traders can compare this to the German CPI for August, which rose 0.3% monthly and 7.9% annualized. The EU Harmonized German CPI for September is predicted to increase 1.3% monthly and 10.0% annualized. Forex traders can compare this to the EU Harmonized German CPI for August, which expanded 0.4% monthly and 8.8% annualized.
US Initial Jobless Claims for the week of September 24th are predicted at 215K, and US Continuing Claims for the week of September 17th are predicted at 1,388K. Forex traders can compare this to US Initial Jobless Claims for the week of September 17th, reported at 213K, and US Continuing Claims for the week of September 10th, reported at 1,379K.
The final US GDP for the second quarter is predicted to drop 0.6% annualized. Forex traders can compare this to the first quarter GDP, which plunged 1.6% annualized. Final GDP Sales for the second quarter are predicted to increase by 1.3% annualized. Forex traders can compare this to first-quarter GDP Sales, which contracted by 1.2% annualized. The final GDP Price Index for the second quarter is predicted to surge by 8.9% annualized. Forex traders can compare this to the first quarter GDP Price Index, which rose 8.3% annualized. The Final Core PCE for the second quarter is predicted to increase by 4.4% annualized. Forex traders can compare this to the first quarter Core PCE, which rose 5.2% annualized.
US Natural Gas Inventories for the week ending September 23rd are predicted at 94B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending September 16th, reported at 103B cubic feet.
The forecast for the EUR/USD is cautiously optimistic after this currency pair recorded a multi-decade low before bouncing higher and establishing a horizontal support area. Confirming the lack of bearishness are the flat Kijun-sen and Tenkan-sen. The Ichimoku Kinko Hyo Cloud adds to the bullish outlook as it narrows and nears the end of its shallow downtrend. Traders should monitor the CCI after its breakout from extreme oversold territory, as it has plenty of upside potential. Can bulls capitalize on recent developments and push the EUR/USD 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 0.9610 to 0.9730zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9670
- Take Profit Zone: 1.0045 – 1.0115
- Stop Loss Level: 0.09535
Should price action for the EUR/USD breakdown below 0.9610, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9535
- Take Profit Zone: 0.9345 – 0.9440
- Stop Loss Level: 0.9610
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
