Here are the key factors to keep in mind today for Euro trades:
- Eurozone Confidence Data: Eurozone Economic Confidence for August was reported at 111.9. Economists predicted a figure of 111.3. Forex traders can compare this to Eurozone Economic Confidence for July which was reported at 111.3. Eurozone Industrial Confidence for August was reported at 5.1. Economists predicted a figure of 4.7. Forex traders can compare this to Eurozone Industrial Confidence for July which was reported at 4.5. Eurozone Services Confidence for August was reported at 14.9. Economists predicted a figure of 13.9. Forex traders can compare this to Eurozone Services Confidence for July which was reported at 14.2. Final Eurozone Consumer Confidence for August was reported at -1.5. Economists predicted a figure of -1.5. Forex traders can compare this to the first Eurozone Consumer Confidence for August which was reported at -1.7. The Eurozone Business Climate Indicator for August was reported at 1.09. Economists predicted a figure of 1.05. Forex traders can compare this to Eurozone Business Climate Indicator for July which was reported at 1.04.
- Preliminary German CPI: The Preliminary German CPI for August is predicted to increase by 0.1% monthly and by 1.8% annualized. Forex traders can compare this to the German CPI for July which increased by 0.4% monthly and by 1.7% 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 Net Consumer Credit for July was reported at £1.2B and Net Lending Securities on Dwellings was reported at £3.6B. Economists predicted a figure of £1.5B and of £3.8B. Forex traders can compare this to UK Net Consumer Credit for June which was reported at £1.3B and to Net Lending Securities on Dwellings which was reported at £4.1B.
- UK Mortgage Approvals: UK Mortgage Approvals for July were reported at 68.7K. Economists predicted a figure of 65.5K. Forex traders can compare this to UK Mortgage Approvals for June which were reported at 65.3K.
Should price action for the EURGBP remain inside the or breakdown below the 0.9220 to 0.9260 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9240
- Take Profit Zone: 0.8970 – 0.9000
- Stop Loss Level: 0.9320
Should price action for the EURGBP breakout above 0.9260 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9290
- Take Profit Zone: 0.9390 – 0.9420
- Stop Loss Level: 0.9250
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