Here are the key factors to keep in mind today for Euro trades:
- Eurozone Current Account: The Eurozone Current Account (s.a.) for December is predicted at €21.4B and the Eurozone Current Account (n.s.a) is predicted at €36.2B. Forex traders can compare this to the Eurozone Current Account (s.a.) for November which was reported at €20.3B and to the Eurozone Current Account (n.s.a.) which was reported at €23.2B.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation Index for February is predicted at 23.0 and the German ZEW Survey Economic Expectations Index at -14.1. Forex traders can compare this to the German ZEW Survey Current Situation Index for January which was reported at 27.6 and to the German ZEW Survey Economic Expectations Index which was reported at -15.0. The Eurozone ZEW Survey Economic Sentiment Index for February is predicted at -18.2. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for January which was reported at -20.9.
Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for January is predicted at 12.3K and the Claimant Count Rate is predicted at 2.8%. Forex traders can compare this to the UK Jobless Claims Change for December which was reported at 20.8K and to the Claimant Count Rate which was reported at 2.8%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in December is predicted at 152K and the ILO Unemployment Rate is predicted at 4.0%. Forex traders can compare this to the UK Employment Change for November which was reported at 141K and to the ILO Unemployment Rate which was reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in December are predicted to increase by 3.5% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 3.4% annualized. Forex traders can compare this to Average Weekly Earnings for November which increased by 3.4% and Average Weekly Earnings Excluding Bonuses which increased by 3.3%.
Should price action for the EURGBP remain inside the or breakdown below the 0.8730 to 0.8775 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8755
- Take Profit Zone: 0.8525 – 0.8615
- Stop Loss Level: 0.8800
Should price action for the EURGBP breakout above 0.8775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8790
- Take Profit Zone: 0.8935 – 0.8985
- Stop Loss Level: 0.8755
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