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 June is predicted at 53.3. Forex traders can compare this to the Italian Markit Services PMI for May which was reported at 53.1. The Italian Markit Composite PMI for June is predicted at 53.2. Forex traders can compare this to the Italian Markit Composite PMI for May which was reported at 52.9.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for June is predicted at 56.4 Forex traders can compare this to the previous French Markit Services PMI for for June which was reported at 56.4. The Final French Markit Composite PMI for June is predicted at 55.6. Forex traders can compare this to the previous French Markit Composite PMI for for June which was reported at 55.6.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for June is predicted at 53.9. Forex traders can compare this to the previous German Markit Services PMI for for June which was reported at 53.9. The Final German Markit/BME Composite PMI for June is predicted at 54.2. Forex traders can compare this to the previous German Markit/BME Composite PMI for for June which was reported at 54.2.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for June is predicted at 55.0. Forex traders can compare this to the previous Eurozone Markit Services PMI for for June which was reported at 55.0. The Final Eurozone Markit Composite PMI for June is predicted at 54.8. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for June which was reported at 54.8.
Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Shop Price Index: The UK BRC Shop Price Index for June decreased by 0.5% annualized. Forex traders can compare this to the UK BRC Shop Price Index May which decreased by 1.1% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for June is predicted at 54.0 and the UK Markit/CIPS Composite PMI is predicted at 54.5. Forex traders can compare this to the UK Markit/CIPS Services PMI for May which was reported at 54.0 and to the UK Markit/CIPS Composite PMI which was reported at 54.5.
Should price action for the EURGBP remain inside the or breakdown below the 0.8825 to 0.8850 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8830
- Take Profit Zone: 0.8620 – 0.8670
- Stop Loss Level: 0.8890
Should price action for the EURGBP breakout above 0.8850 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8875
- Take Profit Zone: 0.8970 – 0.9030
- Stop Loss Level: 0.8830
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