Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Final 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 0.6% annualized. Forex traders can compare this to the previous first-quarter German GDP report which increased by 0.6% quarterly and by 0.9% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for May is predicted at 50.0. Forex traders can compare this to the French Markit Manufacturing PMI for for April which was reported at 50.0. The Preliminary French Markit Services PMI for May is predicted at 50.8. Forex traders can compare this to the French Markit Services PMI for for April which was reported at 50.5. The Preliminary French Markit Composite PMI for May was reported at 50.3. Forex traders can compare this to the French Markit Composite PMI for for April which was reported at 50.1.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for May is predicted at 44.8. Forex traders can compare this to the German Markit Manufacturing PMI for for April which was reported at 44.4. The Preliminary German Markit Services PMI for May is predicted at 55.4. Forex traders can compare this to the German Markit Services PMI for for April which was reported at 55.7. The Preliminary German Markit Composite PMI for May is predicted at 52.0. Forex traders can compare this to the German Markit Composite PMI for for April which was reported at 52.2.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for May is predicted at 48.1. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for April which was reported at 47.9. The Preliminary Eurozone Markit Services PMI for May is predicted at 53.0. Forex traders can compare this to the Eurozone Markit Services PMI for for April which was reported at 52.8. The Preliminary Eurozone Markit Composite PMI for May is predicted at 51.7. Forex traders can compare this to the Eurozone Markit Composite PMI for for April which was reported at 51.5.
- German IFO: The German IFO Business Climate Index for May is predicted at 99.1. Forex traders can compare this to the German IFO Business Climate Index for April which was reported at 99.2. The German IFO Current Assessment Index for May is predicted at 103.5. Forex traders can compare this to the German IFO Current Assessment Index for April which was reported at 103.3. The German IFO Expectations Index for May is predicted at 95.0. Forex traders can compare this to the German IFO Expectations Index for April which was reported at 95.2.
Here is the key factor to keep in mind today for Australian Dollar trades:
- Australian CBA Manufacturing PMI, CBA Services PMI and CBA Composite PMI: Preliminary Australian Manufacturing PMI for May was reported at 51.1. Forex traders can compare this to the Australian CBA Manufacturing PMI for April which was reported at 50.9.The Preliminary Australian CBA Services PMI for May was reported at 52.3. Forex traders can compare this to the Australian CBA Services PMI for April which was reported at 50.1. The Preliminary Australian CBA Composite PMI for May was reported at 52.2. Forex traders can compare this to the Australian CBA Composite PMI for for April which was reported at 50.0.
Should price action for the EURAUD remain inside the or breakdown below the 1.6200 to 1.6260 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6220
- Take Profit Zone: 1.5900 – 1.5960
- Stop Loss Level: 1.6355
Should price action for the EURAUD breakout above 1.6260 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6300
- Take Profit Zone: 1.6500– 1.6560
- Stop Loss Level: 1.6220
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