Here are the key factors to keep in mind today for Euro trades:

• Italian Services PMI and Composite PMI: The Final Italian Markit Services PMI for December is predicted at 52.6. Forex traders can compare this to the previous Italian Markit Services PMI for for December which was reported at 53.3. The Final Italian Markit Composite PMI for December is predicted at 53.0. Forex traders can compare this to the previous Italian Markit Composite PMI for for December which was reported at 53.4.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for December is predicted at 52.6. Forex traders can compare this to the previous French Markit Services PMI for for December which was reported at 52.6. The Final French Markit Composite PMI for December is predicted at 52.8. Forex traders can compare this to the previous French Markit Composite PMI for for December which was reported at 52.8.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for December is predicted at 53.8. Forex traders can compare this to the previous German Markit Services PMI for for December which was reported at 53.8. The Final German Markit/BME Composite PMI for December is predicted at 54.8. Forex traders can compare this to the previous German Markit/BME Composite PMI for for December which was reported at 54.8.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for December is predicted at 53.1. Forex traders can compare this to the previous Eurozone Markit Services PMI for for December which was reported at 53.1. The Final Eurozone Markit Composite PMI for December is predicted at 53.9. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for December which was reported at 53.9.
• Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for December is predicted to increase by 1.0% annualized and the Eurozone Core CPI is predicted to increase by 0.8% annualized. Forex traders can compare this to the Eurozone CPI for November which increased by 0.6% annualized and to the Eurozone Core CPI which increased by 0.8% annualized.

Here are the key factors to keep in mind today for British Pound trades:

• UK Markit/CIPS Construction PMI: The UK Markit/CIPS Construction PMI for December is predicted at 52.6. Forex traders can compare this to the UK Markit/CIPS Construction PMI for November which was reported at 52.8.
• UK Consumer Credit and Net Lending Securities on Dwellings: UK Consumer Credit for November is predicted at £1.6B. Forex traders can compare this to UK Consumer Credit for October which was reported at £1.6B. Net Lending Securities on Dwellings for November is predicted at £3.3B. Forex traders can compare this to Net Lending Securities on Dwellings for October which was reported at £3.3B.
• UK Mortgage Approvals: UK Mortgage Approvals for November are predicted at 68.7K. Forex traders can compare this to UK Mortgage Approvals for October which were reported at 67.5K.

Should price action for the EURGBP remain inside the or breakout above the 0.8475 to 0.8500 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 0.8485
• Take Profit Zone: 0.9100 – 0.9150
• Stop Loss Level: 0.8360

Should price action for the EURGBP breakdown below 0.8475 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 0.8450
• Take Profit Zone: 0.8285 – 0.8325
• Stop Loss Level: 0.8500

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