Here is the key factor to keep in mind today for Euro trades:
- ECB Rate Decision: The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting. Expectations are for a dovish statement as the Eurozone economy continues to weaken at an accelerated pace and a potential trade war with the US is brewing.
Here are the key factors to keep in mind today for British Pound trades:
- UK Trade Balance: The UK Visible Trade Balance for February is predicted at -£12.851B. Forex traders can compare this to the UK Visible Trade Balance for January which was reported at -£13.084B. The UK Trade Balance Non EU for February is predicted at -£4.500B. Forex traders can compare this to the UK Trade Balance Non EU for January which was reported at -£4.977B. The UK Total Trade Balance for February is predicted at -£3.900B. Forex traders can compare this to the UK Total Trade Balance for January which was reported at -£3.825B.
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for February is predicted to increase by 0.1% monthly and to decrease by 0.8% annualized. Forex traders can compare this to UK Industrial Production for January which increased by 0.6% monthly and which decreased by 0.9% annualized. UK Manufacturing Production for February is predicted to increase by 0.2% monthly and to decrease by 0.7% annualized. Forex traders can compare this to UK Manufacturing Production for January which increased by 0.8% monthly and which decreased by 1.1% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for February is predicted to decrease by 0.3% monthly and to increase by 2.2% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for January which increased by 2.8% monthly and by 1.8% annualized.
- UK GDP: The UK GDP for February is predicted flat at 0.0% monthly and to increase by 0.2% for the three-month-over-three-month period ending in February. Forex traders can compare this to the UK GDP for January which increased by 0.5% monthly and by 0.2% for the three-month-over-three-month period ending in January .
- UK Index of Services: The UK Index of Services for February is predicted to increase by 0.1% monthly and by 0.4% for the three-month-over-three-month period ending in February. Forex traders can compare this to the UK Index of Services for January which increased by 0.3% monthly and by 0.5% for the three-month-over-three-month period ending in January.
Should price action for the EURGBP remain inside the or breakdown below the 0.8595 to 0.8655 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8620
- Take Profit Zone: 0.8315 – 0.8385
- Stop Loss Level: 0.8720
Should price action for the EURGBP breakout above 0.8655 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8675
- Take Profit Zone: 0.8795 – 0.8840
- Stop Loss Level: 0.8620
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
