Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for July increased by 0.1% monthly and decreased by 3.8% annualized. Economists predicted an increase of 0.1% monthly and a decrease of 4.0% annualized. Forex traders can compare this to the German Import Price Index for June which increased by 0.5% monthly and which decreased by 4.6% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for August was reported at 103.5. Economists predicted a figure of 104.1. Forex traders can compare this to Eurozone Economic Confidence for July which was reported at 104.5. Eurozone Industrial Confidence for August was reported at -4.4. Economists predicted a figure of -2.7. Forex traders can compare this to Eurozone Industrial Confidence for July which was reported at -2.6. Eurozone Services Confidence for August was reported at 10.0. Economists predicted a figure of 11.1. Forex traders can compare this to Eurozone Services Confidence for July which was reported at 11.2. Final Eurozone Consumer Confidence for August was reported at -8.5. Economists predicted a figure of -8.5. Forex traders can compare this to the previous Eurozone Consumer Confidence for August which was reported at -7.9.
- German CPI: The Preliminary German CPI for August is predicted to increase by 0.2% monthly and by 0.5% annualized. Forex traders can compare this to the German CPI for July which increased by 0.3% monthly and by 0.4% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Consumer Credit for July was reported at £1.181B. Economists predicted a figure of £1.700B. Forex traders can compare this to UK Consumer Credit for June which was reported at £1.857B. Net Lending Securities on Dwellings for July was reported at £2.7B. Economists predicted a figure of £3.1B. Forex traders can compare this to Net Lending Securities on Dwellings for June which was reported at £3.2B.
- UK Mortgage Approvals: UK Mortgage Approvals for July were reported at 60.91K. Economists predicted a figure of 61.90K. Forex traders can compare this to UK Mortgage Approvals for June which were reported at 64.15K.
Should price action for the EURGBP remain inside the or breakdown below the 0.8525 to 0.8575 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8550
- Take Profit Zone: 0.7975– 0.8525
- Stop Loss Level: 0.8750
Should price action for the EURGBP breakout above 0.8575 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8625
- Take Profit Zone: 0.8800 – 0.8900
- Stop Loss Level: 0.8575
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