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 November is predicted at 49.3. Forex traders can compare this to the Italian Markit Services PMI for October which was reported at 49.2. The Italian Markit Composite PMI for November is predicted at 49.1. Forex traders can compare this to the Italian Markit Composite PMI for August which was reported at 49.3.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for November is predicted at 55.0 Forex traders can compare this to the previous French Markit Services PMI for for November which was reported at 55.0. The Final French Markit Composite PMI for November is predicted at 54.0. Forex traders can compare this to the previous French Markit Composite PMI for for November which was reported at 54.0.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for November is predicted at 53.3. Forex traders can compare this to the previous German Markit Services PMI for for November which was reported at 53.3. The Final German Markit/BME Composite PMI for November is predicted at 52.2. Forex traders can compare this to the previous German Markit/BME Composite PMI for for November which was reported at 52.2.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for November is predicted at 53.1. Forex traders can compare this to the previous Eurozone Markit Services PMI for for November which was reported at 53.1. The Final Eurozone Markit Composite PMI for November is predicted at 52.4. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for November which was reported at 52.4.
- Eurozone Retail Sales: Eurozone Retail Sales for October are predicted to increase by 0.2% monthly and by 2.0% annualized. Forex traders can compare this to Eurozone Retail Sales for September which were reported flat at 0.0% monthly and which increased by 0.8% 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 November is predicted at 52.5 and the UK Markit/CIPS Composite PMI is predicted at 52.3. Forex traders can compare this to the UK Markit/CIPS Services PMI for October which was reported at 52.2 and to the UK Markit/CIPS Composite PMI which was reported at 52.1.
Should price action for the EURGBP remain inside the or breakdown below the 0.8890 to 0.8945 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8920
- Take Profit Zone: 0.8655 – 0.8695
- Stop Loss Level: 0.8995
Should price action for the EURGBP breakout above 0.8945 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8960
- Take Profit Zone: 0.9055 – 0.9100
- Stop Loss Level: 0.8920
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