Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Industrial Production for January is predicted to decrease by 0.1% monthly. Forex traders can compare this to French Industrial Production for December, which dropped 1.1% monthly.
The Spanish HCOB Services PMI for February is predicted at 53.4. Forex traders can compare this to the Spanish HCOB Services PMI for January, reported at 52.1.
The Italian HCOB Services PMI for February is predicted at 52.2. Forex traders can compare this to the Italian HCOB Services PMI for January, reported at 51.2.
The Final French HCOB Services PMI for February is predicted at 48.0, and the Final French HCOB Composite PMI at 47.7. Forex traders can compare this to the French HCOB Services PMI for January, reported at 45.4, and the French HCOB Composite PMI, reported at 44.6.
The Final German HCOB Services PMI for February is predicted at 48.2, and the Final German HCOB/BME Composite PMI at 46.1. Forex traders can compare this to the German HCOB Services PMI for January, reported at 47.7, and the German HCOB/BME Composite PMI, reported at 47.0.
The Final Eurozone HCOB Services PMI for February is predicted at 50.0, and the Final Eurozone HCOB Composite PMI at 48.9. Forex traders can compare this to the Eurozone HCOB Services PMI for January, reported at 48.4, and the Eurozone HCOB Composite PMI, reported at 47.9.
The Final Italian GDP for the fourth quarter is predicted to increase 0.2% quarterly and 0.5% annualized. Forex traders can compare this to the Italian GDP for the third quarter, which rose 0.1% quarterly and 0.1% annualized.
The Eurozone PPI for January is predicted to decrease by 0.1% monthly and plunge by 8.1% annualized. Forex traders can compare this to the Eurozone PPI for December, which contracted by 0.8% monthly and dropped by 10.6% annualized.
The South African GDP for the fourth quarter is predicted to increase 0.3% quarterly and 0.9% annualized. Forex traders can compare this to the South African GDP for the third quarter, which decreased 0.2% quarterly and 0.7% annualized.
The forecast for the EUR/ZAR is cautiously bullish, with the Ichimoku Kinko Hyo Cloud providing moderate upside momentum. While the Kijun-sen remains flat, the Tenkan-sen moves higher, adding bullish momentum. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator trades above zero but may dip into negative territory before reversing, which could spark the next leg higher. Can bulls control the EUR/ZAR and push 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/ZAR remain inside the or breakout above the 20.5750 to 20.7550 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 20.6800
- Take Profit Zone: 20.9800 – 21.1385
- Stop Loss Level: 20.5200
Should price action for the EUR/ZAR breakdown below 20.5750, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 20.5200
- Take Profit Zone: 20.2800 – 20.3885
- Stop Loss Level: 20.5750
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
