Here are the key factors to keep in mind today for Euro trades:

• German GDP: The Preliminary German GDP for the first-quarter increased by 0.4% quarterly and by 0.6% annualized. Economists predicted an increase of 0.4% quarterly and of 0.7% annualized. Forex traders can compare this to the German GDP report for the fourth-quarter which was reported flat at 0.0% quarterly and which increased by 0.9% annualized.
• French CPI: The French CPI for April increased by 0.3% monthly and by 1.3% annualized. Economists predicted an increase of 0.2% monthly and of 1.2% annualized. Forex traders can compare this to the French CPI for March which increased by 0.2% monthly and by 1.1% annualized.
• Eurozone Employment: Eurozone Employment for the first-quarter is predicted to increase by 0.2% quarterly and by 1.2% annualized. Forex traders can compare this to Eurozone Employment for the fourth-quarter which increased by 0.3% quarterly and by 1.3% annualized.
• Eurozone GDP: The preliminary Eurozone GDP for the first-quarter is predicted to increase by 0.4% quarterly and by 1.2% annualized. Forex traders can compare this to the Eurozone GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.2% annualized.

Here are the key factors to keep in mind today for US Dollar trades:

• US Empire Manufacturing Index: The US Empire Manufacturing Index for May is predicted at 8.0. Forex traders can compare this to the US Empire Manufacturing Index for April which was reported at 10.1.
• US Advanced Retail Sales: US Advanced Retail Sales for April are predicted to increase by 0.2% monthly and Retail Sales Less Autos are predicted to increase by 0.7% monthly. Forex traders can compare this to US Advanced Retail Sales for March which increased by 1.6% monthly and to Retail Sales Less Autos which increased by 1.2% monthly. Retail Sales Less Autos and Gas for April are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.3% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for March which increased by 0.9% monthly and to Retail Sales Control Group which increased by 1.0% monthly.
• US Industrial Production and Manufacturing Production: US Industrial Production for April is predicted flat at 0.0% monthly and Manufacturing Production is predicted to increase by 0.1% monthly. Forex traders can compare this to US Industrial Production for March which decreased by 0.1% monthly and to Manufacturing Production which was reported flat at 0.0% monthly. Capacity Utilization for April is predicted at 78.7%. Forex traders can compare this to Capacity Utilization for March which was reported at 78.8%.
• US NAHB Housing Market Index: The US NAHB Housing Market Index for May is predicted at 64. Forex traders can compare this to the US NAHB Housing Market Index for April which was reported at 63.
• US Business Inventories: US Business Inventories for March are predicted flat at 0.0% monthly. Forex traders can compare this to US Business Inventories for February which increased by 0.3% monthly.
• US TIC Data: US TIC Net Long-Term Transactions for March are predicted at $36.3B and US Total Net TIC Flows are predicted at -$30.9B. Forex traders can compare this to US TIC Net Long-Term Transactions for February which were reported at $51.9B and to US Total Net TIC Flows which were reported at -$21.6B.

Should price action for the EURUSD remain inside the or breakout above the 1.1175 to 1.1240 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1210
• Take Profit Zone: 1.1390 – 1.1445
• Stop Loss Level: 1.1120

Should price action for the EURUSD breakdown below 1.1175 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1140
• Take Profit Zone: 1.0915 – 1.1020
• Stop Loss Level: 1.1210

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