Here are the key factors to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for February increased by 0.3% monthly and by 3.5% annualized. Economists predicted an increase of 1.5% monthly and of 6.3% annualized. Forex traders can compare this to German Factory Orders for January which decreased by 3.9% monthly and which increased by 8.2% annualized.
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for March was reported at 52.6. Economists predicted a figure of 53.9. Forex traders can compare this to the Italian Markit Services PMI for for February which was reported at 55.0. The Italian Markit Composite PMI for March was reported at 53.5. Economists predicted a figure of 54.9. Forex traders can compare this to the Italian Markit Composite PMI for for February which was reported at 56.0.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for March was reported at 56.9. Economists predicted a figure of 56.8. Forex traders can compare this to the previous French Markit Services PMI for for March which was reported at 56.8. The Final French Markit Composite PMI for March was reported at 56.3. Economists predicted a figure of 56.2. Forex traders can compare this to the previous French Markit Composite PMI for for March which was reported at 56.2.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for March was reported at 53.9. Economists predicted a figure of 54.2. Forex traders can compare this to the previous German Markit Services PMI for for March which was reported at 54.2. The Final German Markit/BME Composite PMI for March was reported at 55.1. Economists predicted a figure of 55.4. Forex traders can compare this to the previous German Markit/BME Composite PMI for for March which was reported at 55.4.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for March was reported at 54.9. Economists predicted a figure of 55.0. Forex traders can compare this to the previous Eurozone Markit Services PMI for for March which was reported at 55.0. The Final Eurozone Markit Composite PMI for March was reported at 55.2. Economists predicted a figure of 55.3. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for March which was reported at 55.3.
- Eurozone PPI: The Eurozone PPI for February is predicted flat at 0.0% monthly and to increase by 1.5% annualized. Forex traders can compare this to the Eurozone PPI for January which increased by 0.4% monthly and by 1.5% annualized.
- Eurozone Retail Sales: Eurozone Retail Sales for February are predicted to increase by 0.6% monthly and by 2.3% annualized. Forex traders can compare this to Eurozone Retail Sales for January which decreased by 0.1% monthly and which increase by 2.3% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK New Car Registrations: UK New Car Registrations for March decreased by 15.7% annualized. Forex traders can compare this to UK New Car Registrations for February which decreased by 2.8% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for March was reported at 51.7 and the UK Markit/CIPS Composite PMI was reported at 52.1. Economists predicted a figure of 54.0 and of 53.9. Forex traders can compare this to the UK Markit/CIPS Services PMI for February which was reported at 54.5 and to the UK Markit/CIPS Composite PMI which was reported at 54.2.
Should price action for the EURGBP remain inside the or breakdown below the 0.8715 to 0.8775 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8740
- Take Profit Zone: 0.8300 – 0.8380
- Stop Loss Level: 0.8830
Should price action for the EURGBP breakout above 0.8775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8800
- Take Profit Zone: 0.8905 – 0.8965
- Stop Loss Level: 0.8740
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