After the Eurozone Manufacturing PMI showed that the recession in the sector has expanded, forex traders will get the services and composite PMI reports out of Italy, France, and Germany as well as for the Eurozone as a whole. The EURGBP is grinding at support, but how will price action react following the release of PMI data? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.
UK services and composite PMI data will be released today, but forex traders are likely to focus on developments regarding the UK election which is approaching. Brexit uncertainty has taken a back-seat as polls suggest PM Johnson will win the election. How will this currency pair react after the Services PMI and the Composite PMI will be announced? Today’s fundamental analysis will take a look at the upside potential as well as the downside risk in this currency pair.
Here are the key factors to keep in mind today for Euro trades:
- Spanish Services PMI: The Spanish Markit Services PMI for November is predicted at 51.9. Forex traders can compare this to the Spanish Markit Services PMI for October which was reported at 52.7.
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for November is predicted at 51.2. Forex traders can compare this to the Italian Markit Services PMI for October which was reported at 52.2. The Italian Markit Composite PMI for November is predicted at 50.6. Forex traders can compare this to the Italian Markit Composite PMI for October which was reported at 50.8.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for November is predicted at 52.9 Forex traders can compare this to the previous French Markit Services PMI for November which was reported at 52.9. The Final French Markit Composite PMI for November is predicted at 52.7. Forex traders can compare this to the previous French Markit Composite PMI for November which was reported at 52.7.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for November is predicted at 51.3. Forex traders can compare this to the previous German Markit Services PMI for November which was reported at 51.3. The Final German Markit/BME Composite PMI for November is predicted at 49.2. Forex traders can compare this to the previous German Markit/BME Composite PMI for November which was reported at 49.2.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for November is predicted at 51.5. Forex traders can compare this to the previous Eurozone Markit Services PMI for November which was reported at 51.5. The Final Eurozone Markit Composite PMI for November is predicted at 50.3. Forex traders can compare this to the previous Eurozone Markit Composite PMI for November which was reported at 50.3.
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 November is predicted at 48.6 and the UK Markit/CIPS Composite PMI is predicted at 48.5. Forex traders can compare this to the UK Markit/CIPS Services PMI for October which was reported at 50.0 and to the UK Markit/CIPS Composite PMI which was reported at 50.0.
Should price action for the EURGBP remain inside the or breakdown below the 0.8490 to 0.8565 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8525
- Take Profit Zone: 0.8250 – 0.8300
- Stop Loss Level: 0.8600
Should price action for the EURGBP breakout above 0.8565 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8600
- Take Profit Zone: 0.8695 – 0.8750
- Stop Loss Level: 0.8565
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