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

• Italian Services PMI and Composite PMI: The Final Italian Markit Services PMI for March was reported at 52.9. Economists predicted a figure of 54.3. Forex traders can compare this to the previous Italian Markit Services PMI for for March which was reported at 54.1. The Final Italian Markit Composite PMI for March was reported at 54.2. Economists predicted a figure of 54.7. Forex traders can compare this to the previous Italian Markit Composite PMI for for March which was reported at 54.8.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for March was reported at 57.5. Economists predicted a figure of 58.5. Forex traders can compare this to the previous French Markit Services PMI for for March which was reported at 58.5. The Final French Markit Composite PMI for March was reported at 56.8. Economists predicted a figure of 57.6. Forex traders can compare this to the previous French Markit Composite PMI for for March which was reported at 57.6.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for March was reported at 55.6. Economists predicted a figure of 55.6. Forex traders can compare this to the previous German Markit Services PMI for for March which was reported at 55.6. The Final German Markit/BME Composite PMI for March was reported at 57.1. Economists predicted a figure of 57.0. Forex traders can compare this to the previous German Markit/BME Composite PMI for for March which was reported at 57.0.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for March was reported at 56.0. Economists predicted a figure of 56.5. Forex traders can compare this to the previous Eurozone Markit Services PMI for for March which was reported at 56.5. The Final Eurozone Markit Composite PMI for March was reported at 56.4. Economists predicted a figure of 56.7. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for March which was reported at 56.7.

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

• UK New Car Registrations: UK New Car Registrations for March increased by 8.4% annualized. Forex traders can compare this to UK New Car Registrations for February which decreased by 0.3% annualized.
• British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for March was reported at 55.0. Economists predicted a figure of 53.5. Forex traders can compare this to the British Markit/CIPS Services PMI for February which was reported at 53.3. The British Markit/CIPS Composite PMI for March was reported at 54.7. Economists predicted a figure of 53.8. Forex traders can compare this to the British Markit/CIPS Composite PMI for February which was reported at 53.7.
• UK Official Reserves (Changes): UK Official Reserves (Changes) for March were reported at £77M. Forex traders can compare this to UK Official Reserves (Changes) for February which were reported at -£360M.
• UK Unit Labor Costs: UK Unit Labor Costs for the fourth-quarter increased by 2.1% annualized. Economists predicted an increase of 2.0% annualized. Forex traders can compare this to UK Unit Labor Costs for the third-quarter which increased by 2.3% annualized.

Should price action for the EURGBP remain inside the or breakout above the 0.8525 to 0.8575 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.8550
• Take Profit Zone: 0.9000 – 0.9100
• Stop Loss Level: 0.8400

Should price action for the EURGBP breakdown below 0.8525 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.8475
• Take Profit Zone: 0.8285 – 0.8325
• Stop Loss Level: 0.8575

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