Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for April increased by 0.6% monthly and by 2.1% annualized. Economists predicted an increase of 0.4% and of 1.5%. Forex traders can compare this to the German Wholesale Price Index for March which increased by 0.3% monthly and by 1.8% annualized.
- German CPI: The Final German CPI for April increased by 1.0% monthly and by 2.0% annualized. Economists predicted an increase of 1.0% monthly and of 2.0% annualized. Forex traders can compare this to the previous German CPI for April which increased by 1.0% monthly and by 2.0% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for March is predicted to decrease by 0.3% monthly and by 0.8% annualized. Forex traders can compare this to Eurozone Industrial Production for February which decreased by 0.2% monthly and by 0.3% annualized.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation Index for May is predicted at 6.0 and the German ZEW Survey Economic Expectations Index at 5.0. Forex traders can compare this to the German ZEW Survey Current Situation Index for April which was reported at 5.5 and to the German ZEW Survey Economic Expectations Index which was reported at 3.1. The Eurozone ZEW Survey Economic Sentiment Index for May is predicted at 5.0. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for April which was reported at 4.5.
Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for April is predicted at 24.2K and the Claimant Count Rate is predicted at 3.0%. Forex traders can compare this to the UK Jobless Claims Change for March which was reported at 28.3K and to the Claimant Count Rate which was reported at 3.0%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in March is predicted at 141K and the ILO Unemployment Rate is predicted at 3.9%. Forex traders can compare this to the UK Employment Change for February which was reported at 179K and to the ILO Unemployment Rate which was reported at 3.9%. Average Weekly Earnings for the tri-monthly period ending in March are predicted to increase by 3.4% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 3.3% annualized. Forex traders can compare this to Average Weekly Earnings for February which increased by 3.5% and Average Weekly Earnings Excluding Bonuses which increased by 3.4%.
Should price action for the EURGBP remain inside the or breakdown below the 0.8660to 0.8720 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8675
- Take Profit Zone: 0.8475 – 0.8520
- Stop Loss Level: 0.8760
Should price action for the EURGBP breakout above 0.8720 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8750
- Take Profit Zone: 0.8860 – 0.8925
- Stop Loss Level: 0.8700
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