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

• Italian Services PMI and Composite PMI: The Italian Markit Services PMI for July was reported at 56.3. Economists predicted a figure of 54.1. Forex traders can compare this to the Italian Markit Services PMI for for June which was reported at 53.6. The Italian Markit Composite PMI for July was reported at 56.2. Economists predicted a figure of 54.9. Forex traders can compare this to the Italian Markit Composite PMI for for June which was reported at 54.5.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for July was reported at 56.0. Economists predicted a figure of 55.9. Forex traders can compare this to the previous French Markit Services PMI for for July which was reported at 55.9. The Final French Markit Composite PMI for July was reported at 55.6. Economists predicted a figure of 55.7. Forex traders can compare this to the previous French Markit Composite PMI for for July which was reported at 55.7.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for July was reported at 53.1. Economists predicted a figure of 53.5. Forex traders can compare this to the previous German Markit Services PMI for for July which was reported at 53.5. The Final German Markit/BME Composite PMI for July was reported at 54.7. Economists predicted a figure of 55.1. Forex traders can compare this to the previous German Markit/BME Composite PMI for for July which was reported at 55.1.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for July was reported at 55.4. Economists predicted a figure of 55.4. Forex traders can compare this to the previous Eurozone Markit Services PMI for for July which was reported at 55.4. The Final Eurozone Markit Composite PMI for July was reported at 55.7. Economists predicted a figure of 55.8. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for July which was reported at 55.8.
• Eurozone Retail Sales: Eurozone Retail Sales for June increased by 0.5% monthly and by 3.1% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 2.5% annualized. Forex traders can compare this to Eurozone Retail Sales for May which increased by 0.4% monthly and by 2.4% annualized.

Here is the key factor to keep in mind today for British Pound trades:

• UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for July was reported at 53.8 and the UK Markit/CIPS Composite PMI was reported at 54.1. Economists predicted a figure of 53.6 and of 53.8. Forex traders can compare this to the UK Markit/CIPS Services PMI for June which was reported at 53.4 and to the UK Markit/CIPS Composite PMI which was reported at 53.8.
• Bank of England Interest Rate Decision, Asset Purchase Target and Corporate Bond Target: The Bank of England decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Economists predicted interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B. Forex traders can compare this to the previous Bank of England meeting where the UK central bank decided to keep interest rates at 0.25%, the Asset Purchase Target £435B and the Corporate Bond Target at £10B.

Should price action for the EURGBP remain inside the or breakdown below the 0.9020 to 0.9060 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.9040
• Take Profit Zone: 0.8760 – 0.8800
• Stop Loss Level: 0.9120

Should price action for the EURGBP breakout above 0.9060 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.9080
• Take Profit Zone: 0.9240 – 0.9280
• Stop Loss Level: 0.9020

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