Here are the key factors to keep in mind today for Euro trades:
- Eurozone Current Account: The Eurozone Current Account Seasonally Adjusted for December was reported at €31.0B and the Eurozone Current Account Non-Seasonally Adjusted was reported at €47.0B. Forex traders can compare this to the Eurozone Current Account Seasonally Adjusted for November which was reported at €36.4B and to the Eurozone Current Account Non-Seasonally Adjusted which was reported at €40.8B.
- Eurozone Construction Output: Eurozone Construction Output for December decreased by 0.2% monthly and increased by 3.2% annualized. Forex traders can compare this to Eurozone Construction Output for November which increased by 0.9% monthly and by 0.6% annualized.
Here is the key factor to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for January decreased by 0.2% monthly and increased by 2.6% annualized. Economists predicted an increase of 0.7% monthly and of 3.9% annualized. Forex traders can compare this to UK Retail Sales for December which decreased by 2.2% monthly and which increased by 4.7% annualized. UK Retail Sales Including Auto and Fuel for January decreased by 0.3% monthly and increased by 1.5% annualized. Economists predicted an increase of 1.0% monthly and of 3.4% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for December which decreased by 2.1% monthly and which increased by 4.1% annualized.
Should price action for the EURGBP remain inside the or breakout above the 0.8550 to 0.8600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8575
- Take Profit Zone: 0.9100 – 0.9150
- Stop Loss Level: 0.8400
Should price action for the EURGBP breakdown below 0.8550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8525
- Take Profit Zone: 0.8285 – 0.8325
- Stop Loss Level: 0.8550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
