Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for June decreased by 1.1% monthly and increased by 2.5% annualized. Economists predicted a decrease of 0.7% monthly and an increase of 2.9% annualized. Forex traders can compare this to the German Import Price Index for May which decreased by 1.0% monthly and which increased by 4.1% annualized.
- German IFO: The German IFO Business Climate Index for July was reported at 116.0. Economists predicted a figure of 114.9. Forex traders can compare this to the German IFO Business Climate Index for June which was reported at 115.1. The German IFO Current Assessment Index for July was reported at 125.4. Economists predicted a figure of 123.8. Forex traders can compare this to the German IFO Current Assessment Index for June which was reported at 124.1. The German IFO Expectations Index for July was reported at 107.3. Economists predicted a figure of 106.5. Forex traders can compare this to the German IFO Expectations Index for June which was reported at 106.8.
Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Business Optimism, UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Business Optimism for July was reported at 5. Economists predicted a figure of 0. Forex traders can compare this to UK CBI Business Optimism for June which was reported at 1. UK CBI Trends Total Orders for July was reported at 10. Economists predicted a figure of 12. Forex traders can compare this to UK CBI Trends Total Orders for June which was reported at 16. UK CBI Trends Selling Prices for July was reported at 9. Economists predicted a figure of 20. Forex traders can compare this to UK CBI Trends Selling Prices for June which was reported at 23.
Should price action for the EURGBP remain inside the or breakdown below the 0.8920 to 0.8960 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8940
- Take Profit Zone: 0.8710 – 0.8750
- Stop Loss Level: 0.9000
Should price action for the EURGBP breakout above 0.8960 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8980
- Take Profit Zone: 0.9240 – 0.9280
- Stop Loss Level: 0.8920
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