Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for December increased by 0.2% monthly and by 2.3% annualized. Economists predicted an increase of 0.2% monthly and of 2.3% annualized. Forex traders can compare this to the German PPI for November which increased by 0.1% monthly and by 2.5% annualized.
- Eurozone Current Account: The Eurozone Current Account (s.a.) for November was reported at €32.5B and the Eurozone Current Account (n.s.a) was reported at €37.8B. Forex traders can compare this to the Eurozone Current Account (s.a.) for October which was reported at €30.3B and to the Eurozone Current Account (n.s.a.) which was reported at €35.4B.
Here is the key factor to keep in mind today for British Pound trades:
- UK Retail Sales: UK Retail Sales for December decreased by 1.6% monthly and increased by 1.3% annualized. Economists predicted a decrease of 1.0% monthly and an increase of 2.6% annualized. Forex traders can compare this to UK Retail Sales for November which increased by 1.1% monthly and by 1.5% annualized. UK Retail Sales Including Auto and Fuel for December decreased by 1.5% monthly and increased by 4.4% annualized. Economists predicted a decrease of 0.9% monthly and an increase of 2.6% annualized. Forex traders can compare this to UK Retail Sales Including Auto and Fuel for November which increased by 1.0% monthly and by 1.5% annualized.
Should price action for the EURGBP remain inside the or breakout above the 0.8800 to 0.8850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8825
- Take Profit Zone: 0.9030 – 0.9050
- Stop Loss Level: 0.8745
Should price action for the EURGBP breakdown below 0.8800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8785
- Take Profit Zone: 0.8700 – 0.8745
- Stop Loss Level: 0.8825
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
