Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for June was reported flat at 0.0% monthly and increased by 2.5% annualized. Forex traders can compare this to the German Wholesale Price Index for May which decreased by 0.7% monthly and which increased by 3.1% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for May increased by 1.3% monthly and by 4.0% annualized. Economists predicted an increase of 1.0% monthly and of 3.5% annualized. Forex traders can compare this to Eurozone Industrial Production for April which increased by 0.3% monthly and by 1.2% annualized.
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 June was reported at 6.0K and the Claimant Count Rate was reported at 2.3%. Forex traders can compare this to the UK Jobless Claims Change for May which were reported at 7.5K and the Claimant Count Rate which was reported at 2.3%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in May was reported at 175K and the ILO Unemployment Rate was reported at 4.5%. Economists predicted a figure of 120K and 4.6%. Forex traders can compare this to the UK Employment Change for April which was reported at 109K and to the ILO Unemployment Rate which was reported at 4.6%. Average Weekly Earnings for the tri-monthly period ending in May increased by 1.8% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.0% annualized. Economists predicted an increase of 1.8% and of 1.9%. Forex traders can compare this to Average Weekly Earnings for April which increased by 2.1% and Average Weekly Earnings Excluding Bonuses which increased by 1.8%.
Should price action for the EURGBP remain inside the or breakdown below the 0.8880 to 0.8920 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8900
- Take Profit Zone: 0.8650 – 0.8700
- Stop Loss Level: 0.9000
Should price action for the EURGBP breakout above 0.8920 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8950
- Take Profit Zone: 0.9050 – 0.9100
- Stop Loss Level: 0.8880
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
