Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit/ADACI Services PMI for June was reported at 53.6. Economists predicted a figure of 54.6. Forex traders can compare this to the Italian Markit/ADACI Services PMI for for May which was reported at 55.1. The Italian Markit/ADACI Composite PMI for June was reported at 54.5. Economists predicted a figure of 54.9. Forex traders can compare this to the Italian Markit/ADACI Composite PMI for for May which was reported at 55.2.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for June was reported at 56.9. Economists predicted a figure of 55.3. Forex traders can compare this to the previous French Markit Services PMI for for June which was reported at 55.3. The Final French Markit Composite PMI for June was reported at 56.6. Economists predicted a figure of 55.3. Forex traders can compare this to the previous French Markit Composite PMI for for June which was reported at 55.3.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for June was reported at 54.0. Economists predicted a figure of 53.7. Forex traders can compare this to the previous German Markit Services PMI for for June which was reported at 53.7. The Final German Markit/BME Composite PMI for June was reported at 56.4. Economists predicted a figure of 56.1. Forex traders can compare this to the previous German Markit/BME Composite PMI for for June which was reported at 56.1.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for June was reported at 55.4. Economists predicted a figure of 54.7. Forex traders can compare this to the previous Eurozone Markit Services PMI for for June which was reported at 54.7. The Final Eurozone Markit Composite PMI for June was reported at 56.3. Economists predicted a figure of 55.7. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for June which was reported at 55.7.
- Eurozone Retail Sales: Eurozone Retail Sales for May increased by 0.4% monthly and by 2.6% annualized. Economists predicted an increase of 0.3% monthly and of 2.3% annualized. Forex traders can compare this to Eurozone Retail Sales for April which increased by 0.1% monthly and by 2.6% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK New Car Registrations: UK New Car Registrations for June decreased by 4.8% annualized. Forex traders can compare this to UK New Car Registrations for May which decreased by 8.5% annualized.
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for June was reported at 53.4. Economists predicted a figure of 53.5. Forex traders can compare this to the British Markit/CIPS Services PMI for May which was reported at 53.8. The British Markit/CIPS Composite PMI for June was reported at 53.9. Economists predicted a figure of 53.9. Forex traders can compare this to the British Markit/CIPS Composite PMI for May which was reported at 54.5.
- UK Official Reserves (Changes): UK Official Reserves (Changes) for June were reported at £491M. Forex traders can compare this to UK Official Reserves (Changes) for May which were reported at £1,115M.
- UK Unit Labor Costs: UK Unit Labor Costs for the first-quarter increased by 2.1% annualized. Forex traders can compare this to UK Unit Labor Costs for the fourth-quarter which increased by 2.1% annualized.
Should price action for the EURGBP remain inside the or breakdown below the 0.8750 to 0.8775 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8765
- Take Profit Zone: 0.8450 – 0.8500
- Stop Loss Level: 0.8825
Should price action for the EURGBP breakout above 0.8775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8800
- Take Profit Zone: 0.9000 – 0.9050
- Stop Loss Level: 0.8750
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