Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for December was reported at 55.4. Economists predicted a figure of 54.7. Forex traders can compare this to the Italian Markit Services PMI for for November which was reported at 54.7. The Italian Markit Composite PMI for December was reported at 56.5. Economists predicted a figure of 56.0. Forex traders can compare this to the Italian Markit Composite PMI for for November which was reported at 56.0.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for December was reported at 59.1. Economists predicted a figure of 59.4. Forex traders can compare this to the previous French Markit Services PMI for for December which was reported at 59.4. The Final French Markit Composite PMI for December was reported at 59.6. Economists predicted a figure of 60.0. Forex traders can compare this to the previous French Markit Composite PMI for for December which was reported at 60.0.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for December was reported at 55.8. Economists predicted a figure of 55.8. Forex traders can compare this to the previous German Markit Services PMI for for December which was reported at 55.8. The Final German Markit/BME Composite PMI for December was reported at 58.9. Economists predicted a figure of 58.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for December which was reported at 58.7.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for December was reported at 56.6. Economists predicted a figure of 56.5. Forex traders can compare this to the previous Eurozone Markit Services PMI for for December which was reported at 56.5. The Final Eurozone Markit Composite PMI for December was reported at 58.1. Economists predicted a figure of 58.0. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for December which was reported at 58.0.
Here are the key factors to keep in mind today for British Pound trades:
- UK Nationwide House Prices: UK Nationwide House Prices for December increased by 0.6% monthly and by 2.6% annualized. Economists predicted an increase of 0.1% monthly and an of 2.0% annualized. Forex traders can compare this to UK Nationwide House Prices for November which increased by 0.1% monthly and by 2.5% annualized.
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for November was reported at £1.4B and Net Lending Securities on Dwellings was reported at £3.5B. Economists predicted a figure of £1.5B and of £3.4B. Forex traders can compare this to UK Net Consumer Credit for October which was reported at £1.4B and to Net Lending Securities on Dwellings which was reported at £3.3B.
- UK Mortgage Approvals: UK Mortgage Approvals for November were reported at 65.1K. Economists predicted a figure of 64.1K. Forex traders can compare this to UK Mortgage Approvals for August which were reported at 64.9K.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for December was reported at 54.2 and the UK Markit/CIPS Composite PMI was reported at 54.7. Economists predicted a figure of 54.0 and of 54.7. Forex traders can compare this to the UK Markit/CIPS Services PMI for November which was reported at 53.8 and to the UK Markit/CIPS Composite PMI which was reported at 54.7.
Should price action for the EURGBP remain inside the or breakout above the 0.8870 to 0.8910 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8890
- Take Profit Zone: 0.9120 – 0.9200
- Stop Loss Level: 0.8850
Should price action for the EURGBP breakdown below 0.8870 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8845
- Take Profit Zone: 0.8690 – 0.8730
- Stop Loss Level: 0.8890
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