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

• German Factory Orders: German Factory Orders for July decreased by 0.7% monthly and increased by .0% annualized. Economists predicted an increase of 0.2% monthly and of 5.8% annualized. Forex traders can compare this to German Factory Orders for June which increased by 1.0% monthly and by 5.1% annualized.
• German Markit Construction PMI: The German Markit Construction PMI for August was reported at 54.9. Forex traders can compare this to the German Markit Construction PMI for July which was reported at 55.8.
• Eurozone Retail PMI: The Eurozone Retail PMI for August was reported at 50.8. Forex traders can compare this to the Eurozone Retail PMI for July which was reported at 51.0. The German Retail PMI for August was reported at 53.0. Forex traders can compare this to the German Retail PMI for July which was reported at 50.7. The French Retail PMI for August was reported at 50.4. Forex traders can compare this to the French Retail PMI for July which was reported at 54.1. The Italian Retail PMI for August was reported at 48.0. Forex traders can compare this to the Italian Retail PMI for July which was reported at 47.3.

Here is the key factors to keep in mind today for Australian Dollar trades:

• Australian GDP: The Australian GDP for the second-quarter increased by 0.8% quarterly and by 1.8% annualized. Economists predicted an increase of 0.9% quarterly and of 1.9% annualized. Forex traders can compare this to the Australian GDP for the first-quarter which increased by 0.3% quarterly and by 1.8% annualized.

Should price action for the EURAUD remain inside the or breakout above the 1.4940 to 1.4990 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.4965
• Take Profit Zone: 1.5175 – 1.5225
• Stop Loss Level: 1.4820

Should price action for the EURAUD breakdown below 1.4940 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.4910
• Take Profit Zone: 1.4430 – 1.4475
• Stop Loss Level: 1.4990

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.