Here is the key factor to keep in mind today for Euro trades:
- German IFO: The German IFO Business Climate Index for April was reported at 99.2. Economists predicted a figure of 99.9. Forex traders can compare this to the German IFO Business Climate Index for March which was reported at 99.7. The German IFO Current Assessment Index for April was reported at 95.2. Economists predicted a figure of 96.0. Forex traders can compare this to the German IFO Current Assessment Index for March which was reported at 95.6. The German IFO Expectations Index for April was reported at 103.3. Economists predicted a figure of 103.6. Forex traders can compare this to the German IFO Expectations Index for March which was reported at 103.9.
Here is the key factor to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for March was reported at £0.8B and UK Public Sector Net Borrowing excluding Banking Groups at £1.7B. Economists predicted a figure of -£0.8B and of £0.4B. Forex traders can compare this to UK Public Sector Net Borrowing for February which was reported at -£0.5B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £0.4B. UK Public Finances for March were reported at £8.8B and UK Central Government Borrowing at £22.5B. Forex traders can compare this to UK Public Finances for February which were reported at £0.7B and to UK Central Government Borrowing which was reported at -£1.7B.
Should price action for the EURGBP remain inside the or breakout above the 0.8635 to 0.8720 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8675
- Take Profit Zone: 0.8860 – 0.8925
- Stop Loss Level: 0.8590
Should price action for the EURGBP breakdown below 0.8635 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8620
- Take Profit Zone: 0.8475 – 0.8500
- Stop Loss Level: 0.8675
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