Here is the key factor to keep in mind today for Euro trades:
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation Index for January is predicted at 43.3 and the German ZEW Survey Economic Expectations Index at -18.5. Forex traders can compare this to the German ZEW Survey Current Situation Index for December which was reported at 45.3 and to the German ZEW Survey Economic Expectations Index which was reported at -17.5. The Eurozone ZEW Survey Economic Sentiment Index for January is predicted at -20.1. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for December which was reported at -21.0.
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 December is predicted at 20.0K and the Claimant Count Rate is predicted at 2.8%. Forex traders can compare this to the UK Jobless Claims Change for November which was reported at 21.9K 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 November is predicted at 87K and the ILO Unemployment Rate is predicted at 4.1%. Forex traders can compare this to the UK Employment Change for October which was reported at 79K and to the ILO Unemployment Rate which was reported at 4.1%. Average Weekly Earnings for the tri-monthly period ending in November are predicted to increase by 3.3% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 3.3% annualized. Forex traders can compare this to Average Weekly Earnings for October which increased by 3.3% and Average Weekly Earnings Excluding Bonuses which increased by 3.3%.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for December is predicted at £1.1B and UK Public Sector Net Borrowing excluding Banking Groups at £1.9B. Forex traders can compare this to UK Public Sector Net Borrowing for November which was reported at £6.3B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £7.2B.
Should price action for the EURGBP remain inside the or breakdown below the 0.8805 to 0.8835 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8825
- Take Profit Zone: 0.8315 – 0.8385
- Stop Loss Level: 0.8875
Should price action for the EURGBP breakout above 0.8835 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8850
- Take Profit Zone: 0.8985 – 0.9060
- Stop Loss Level: 0.8805
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