EUR/USD:FUNDAMENTAL ANALYSIS+HARMONIC PATTERN RECOGNITION
Traders will digest German election results, where coalition talks could take months. The left-leaning SPD secured 25.7% of the vote as the right-leaning CDU/ CSU came in second at 24.1%, a historic low for the party dominating German politics after World War II. Possible coalition parties consist of the environmental party, The Greens with 14.8% of the vote, the business-friendly liberal FDP with 11.5%, and the right-wing party AfD at 10.5%.
Eurozone M3 Money Supply for August is predicted to increase 7.8% annualized. Forex traders can compare this to Eurozone M3 Money Supply for July, which increased 7.6% annualized.
US Preliminary Durable Goods Orders for August are predicted to increase 0.5% monthly, and Durables Excluding Transportation is predicted to increase 0.7% monthly. Forex traders can compare this to US Durable Goods Orders for July, which decreased 0.1% monthly, and Durables Excluding Transportation, which increased 0.8% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for August are predicted to increase 0.4% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for July, which increased 0.1% monthly.
The forecast for the EUR/USD turned bullish after its support area halted the sell-off, and price action formed a higher low.
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