The Preliminary French Market Services PMI for March is predicted at 45.5. Forex traders can compare this to the French Market Services PMI for January, reported at 45.6. The Preliminary French Market Composite PMI for March is predicted at 47.2. Forex traders can compare this to the French Market Composite PMI for January, reported at 47.0.
The Preliminary German Market Manufacturing PMI for March is predicted at 60.8. Forex traders can compare this to the German Market Manufacturing PMI for January, reported at 60.7. The Preliminary German Market Services PMI for March is predicted at 46.2. Forex traders can compare this to the German Market Services PMI for January, reported at 45.7. The Preliminary German Market Composite PMI for March is predicted at 51.6. Forex traders can compare this to the German Market Composite PMI for January, reported at 51.1.
The Preliminary Eurozone Market Manufacturing PMI for March is predicted at 57.7. Forex traders can compare this to the Eurozone Market Manufacturing PMI for January, reported at 57.9. The Preliminary Eurozone Market Services PMI for March is predicted at 46.0. Forex traders can compare this to the Eurozone Market Services PMI for January, reported at 45.7. The Preliminary Eurozone Market Composite PMI for March is predicted at 49.1. Forex traders can compare this to the Eurozone Market Composite PMI for January, reported at 48.8.
US Preliminary Durable Goods Orders for February are predicted to increase by 0.8% monthly, and Durables Excluding Transportation are predicted to increase by 0.6% monthly. Forex traders can compare this to US Durable Goods Orders for January, which increased by 3.4% monthly, and to Durables Excluding Transportation, which increased by 1.3% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to increase by 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January, which increased by 0.4% monthly.
The Preliminary US Market Manufacturing PMI for March is predicted at 59.3, and the Preliminary US Market Services PMI at 60.0. Forex traders can compare this to the US Market Manufacturing PMI for February, reported at 58.6, and to the US Market Services PMI, reported at 59.8.
The outlook for the EUR/USD is slowly turning bullish after its most recent sell-off took into a strong support area. With the Tenkan-sen slowing its descend and the Kijun-sen sloping marginally lower, bearish pressure should fade, but today’s PMI data out of the Eurozone and the US will dictate price action during today’s trading session. The CCI is in extreme oversold territory and maintains downside momentum while holding on to a higher low.
Should price action for the EUR/USD remain inside the or breakout above the 1.2025 to 1.2095 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2060
- Take Profit Zone: 1.2310 – 1.2350
- Stop Loss Level: 1.1990
Should price action for the EUR/USD breakdown below 1.2025, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1990
- Take Profit Zone: 1.1890 – 1.1925
- Stop Loss Level: 1.2025
Nas100 | Trading Analysis of Nasdaq 100 Index
EUR/JPY | Euro to Japanese Yen Trading Analysis
Recent articles
EUR/JPY | Euro to Japanese Yen Trading Analysis
