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EUR/USD forex signal - U.S. Core PCE price index - 30 Apr 2018

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Signal Details
Entry Price: 
1.2111
Take Profit: 
1.2162
Stop Loss: 
1.2085
Direction: 
Buy
Result: 
Loss
How we trade
5/5 of 5 ratings

The United States core personal consumption expenditure or PCE price index data is scheduled to be released today at 12:30 GMT. According to the economists polled, the core PCE price index is forecast to rise 0.2% on the month for the month of March. On a year over year basis, the core PCE price index is tipped to rise 1.9% following a 1.6% print in February.

The core PCE price index is a closely watched indicator by the Fed officials on inflation. The Federal Reserve is targeting a 2.0% inflation rate and an increase in the annual core PCE price index could potentially cement expectations of a rate hike at the June FOMC monetary policy meeting.

In the previous month, consumer prices turned out to be a bit weaker with a drop in gasoline prices pushing consumer prices lower. However, this is expected to stabilize with the data for March.

Besides the core PCE price index data, other economic details over the day includes the personal spending and income data. The U.S. personal spending is forecast to rise 0.4% on the month, accelerating from 0.2% previously, while personal income is expected to rise at a steady pace of 0.4%. If today's data comes out bullish, we could expect to see the U.S. dollar continue to maintain the gains.

Today's forex trading signal is EURUSD, the currency pair was seen attempting to recover from the losses late on Friday. The rebound in the currency pair came after price action tested the lows of 1.2090 – 1.2070 level of support.

We are looking to go long on EURUSD at 1.2111 on a pullback, targeting 1.2162 with stops at 1.2085. We expect the EURUSD currency to post a modest intraday correction to the upside and thus close higher on the day.

forex trading signal eurusd 30 apr 2018

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.