- 1 EUR/USD – Technical Analysis for Australian Forex Trading & CFDs.
EUR/USD – Technical Analysis for Australian Forex Trading & CFDs.
Eurozone – German ZEW Economic Sentiment
Tomorrow, at GMT 9:00 a.m., the Zentrum fur Europaische Wirtschaftsforschung (ZEW) will release its German economic sentiment index, which measures the level of a diffusion index based on surveying 275 German institutional investors and market analysts.
Since the professional investment community, investors and analysts have the latest data; their reflection about the economy tends to be the most accurate. Therefore, Australian Forex trading investors consider the ZEW’s German economic sentiment index to be a leading indicator of the entire Eurozone economy. This is because the German economy is one the most important driving forces behind the Euro currency.
Last month, the ZEW German economic sentiment came out at 10.0, and this month, the forecast is set at an improved figure, 12.3.
United States – Building Permits
Later, at GMT 12:30 p.m., the US Census Bureau will release the Building Permits figure, which is an annualized number of new building permits for the residential housing sector issued during the last month.
Since getting a building permit usually indicate future construction work, Forex traders consider this data to be a leading indicator of the overall economic activity in the country.
Last month, 1.23 million building permits were issued and this month, analysts are expecting the figure to come out around 1.22 million.
Since early April 2017, the EUR/USD has remained highly bullish and the pair has climbed up by around 1500 pips over the last few months. However, after reaching near the psychological resistance near the 1.2000 level in late August, the EUR/USD has mostly traded sideways, where the 1.1820 level acted as a support.
As the US building permits figure is expected to come out almost same as last month, which indicates a strong housing market, we believe it would likely set a bearish fundamental outlook for the EUR/USD. In that case, if the EUR/USD breaks below the support level near 1.1820, it would likely find additional bearish momentum in the market.
Hence, Australian Forex traders should look out for trading opportunities below this major support level around 1.1820.
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