Here are the key factors to keep in mind today for Euro trades:
- Eurozone Industrial Production: Eurozone Industrial Production for April increased by 1.1% monthly and by 2.0% annualized. Economists predicted an increase of 0.8% monthly and of 1.4% annualized. Forex traders can compare this to Eurozone Industrial Production for March which decreased by 0.7% monthly and which increased by 0.2% annualized.
- Eurozone Employment: Eurozone Employment for the first-quarter increased by 0.3% quarterly and by 1.4% annualized. Forex traders can compare this to Eurozone Employment for the fourth-quarter which increased by 0.3% quarterly and by 1.2% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK CPI: The UK CPI for May increased by 0.2% monthly and by 0.3% annualized. Economists predicted an increase of 0.3% monthly and of 0.4% annualized. Forex traders can compare this to the UK CPI for April which increased by 0.1% monthly and by 0.3% annualized. The Core CPI for May increased by 1.2% annualized. Economists predicted and increase of 1.3% annualized. Forex traders can compare this to Core CPI for April which increased by 1.2% annualized.
- UK PPI: The UK PPI Input for May increased by 2.6% monthly and decreased by 3.9% annualized. Economists predicted an increase of 0.9% monthly and a decrease of 5.1% annualized. Forex traders can compare this to the UK PPI Input for April which increased by 0.9% monthly and which decreased by 7.0% annualized. The UK PPI Output for May increased by 0.1% monthly and decreased by 0.7% annualized. Economists predicted an increase of 0.3% monthly and a decrease of 0.4% annualized. Forex traders can compare this to the UK PPI Output for April which increased by 0.4% monthly and which decreased by 0.7% annualized. The UK PPI Core Output for May was reported flat at 0.0% monthly and increased by 0.5% annualized. Economists predicted an increase of 0.1% monthly and of 0.6% annualized. Forex traders can compare this to the UK PPI Core Output for April which increased by 0.2% monthly and by 0.5% annualized.
Should price action for the EURGBP remain inside the or breakdown below the 0.7900 to 0.7950 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.7925
- Take Profit Zone: 0.7550 – 0.7625
- Stop Loss Level: 0.8025
Should price action for the EURGBP breakout above 0.7950 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.7975
- Take Profit Zone: 0.8075 – 0.8100
- Stop Loss Level: 0.7925
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
