Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for January was reported at 57.7. Economists predicted a figure of 55.9. Forex traders can compare this to the Italian Markit Services PMI for for December which was reported at 55.4. The Italian Markit Composite PMI for January was reported at 59.0. Economists predicted a figure of 57.4. Forex traders can compare this to the Italian Markit Composite PMI for for December which was reported at 56.5.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for January was reported at 59.2. Economists predicted a figure of 59.3. Forex traders can compare this to the previous French Markit Services PMI for for January which was reported at 59.3. The Final French Markit Composite PMI for January was reported at 59.6. Economists predicted a figure of 59.7. Forex traders can compare this to the previous French Markit Composite PMI for for January which was reported at 59.7.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for January was reported at 57.3. Economists predicted a figure of 57.0. Forex traders can compare this to the previous German Markit Services PMI for for January which was reported at 57.0. The Final German Markit/BME Composite PMI for January was reported at 59.0. Economists predicted a figure of 58.8. Forex traders can compare this to the previous German Markit/BME Composite PMI for for January which was reported at 58.8.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for January was reported at 58.0. Economists predicted a figure of 57.6. Forex traders can compare this to the previous Eurozone Markit Services PMI for for January which was reported at 57.6. The Final Eurozone Markit Composite PMI for January was reported at 58.8. Economists predicted a figure of 58.6. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for January which was reported at 58.6.
- Eurozone Sentix Investor Confidence: Eurozone Sentix Investor Confidence for February was reported at 31.9. Economists predicted a figure of 33.2. Forex traders can compare this to Eurozone Sentix Investor Confidence for January which was reported at 32.9.
- Eurozone Retail Sales: Eurozone Retail Sales for December decreased by 1.0% monthly and increased by 1.9% annualized. Economists predicted a decrease of 1.0% monthly and an increase of 1.9% annualized. Forex traders can compare this to Eurozone Retail Sales for November which increased by 1.5% monthly and by 2.8% annualized.
Here are the key factors to keep in mind today for Australian Dollar trades:
- Australian CBA Services PMI and CBA Composite PMI: The Australian CBA Services PMI for January was reported at 53.7. Forex traders can compare this to the Australian CBA Services PMI for December which was reported at 55.1. The Australian CBA Composite PMI for January was reported at 54.2. Forex traders can compare this to the Australian CBA Composite PMI for for December which was reported at 55.5.
- Australian AiG Performance of Services Index: The Australian AiG Performance of Services Index for January was reported at 54.9. Forex traders can compare this to the Australian AiG Performance of Services Index for December which was reported at 52.0.
- Australian TD Securities Inflation: Australian TD Securities Inflation for January increased by 0.3% monthly and by 2.0% annualized. Forex traders can compare this to Australian TD Securities Inflation for December which increased by 0.1% monthly and by 2.3% annualized.
- Australian ANZ Job Advertisements: Australian ANZ Job Advertisements for January increased by 6.2% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for December which decreased by 2.7% monthly.
- Chinese Caixin Services PMI and Chinese Caixin Composite PMI: The Chinese Caixin Services PMI for January was reported at 54.7. Forex traders can compare this to the Chinese Caixin Services PMI for December which was reported at 53.9. The Chinese Caixin Composite PMI for January was reported at 53.7. Forex traders can compare this to the Chinese Caixin Composite PMI for for December which was reported at 53.0.
Should price action for the EURAUD remain inside the or breakdown below the 1.5680 to 1.5720 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.5700
- Take Profit Zone: 1.5155 – 1.5215
- Stop Loss Level: 1.5770
Should price action for the EURAUD breakout above 1.5720 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.5770
- Take Profit Zone: 1.5950 – 1.6000
- Stop Loss Level: 1.5700
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
