Forex traders will get a heavy load of PMI data out of the Eurozone to finish the trading week. Economists predict a slight increase for June across the board, but German PMI data will be front and center as it represents the growth and export engine of the Eurozone and the EU. Will this mornings data push the Euro to the upside or will it come in below expectations and ignite a sell-off? Forex trading for beginners comes with a steep learning curve, but thanks to the PaxForex Daily Fundamental Analysis you can rely on our expert analysts to deliver the most profitable trading signals every session.
Here are the key factors to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for June is predicted at 50.9. Forex traders can compare this to the French Markit Manufacturing PMI for for May which was reported at 50.6. The Preliminary French Markit Services PMI for June is predicted at 51.6. Forex traders can compare this to the French Markit Services PMI for for May which was reported at 51.5. The Preliminary French Markit Composite PMI for June was reported at 51.4. Forex traders can compare this to the French Markit Composite PMI for for May which was reported at 51.2.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for June is predicted at 44.6. Forex traders can compare this to the German Markit Manufacturing PMI for for May which was reported at 44.3. The Preliminary German Markit Services PMI for June is predicted at 55.3. Forex traders can compare this to the German Markit Services PMI for for May which was reported at 55.4. The Preliminary German Markit Composite PMI for June is predicted at 52.5. Forex traders can compare this to the German Markit Composite PMI for for May which was reported at 52.6.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for June is predicted at 48.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for May which was reported at 47.7. The Preliminary Eurozone Markit Services PMI for June is predicted at 53.0. Forex traders can compare this to the Eurozone Markit Services PMI for for May which was reported at 52.9. The Preliminary Eurozone Markit Composite PMI for June is predicted at 52.0. Forex traders can compare this to the Eurozone Markit Composite PMI for for May which was reported at 51.8.
The UK leadership race for the next PM has been narrowed down to the final two candidates, Boris Johnson and Jeremy Hunt. The British Pound is in the early phases of a recover after dropping into strong support levels. Economic data out of the UK will only feature PSNB data which may be overshadowed by the final stage of the PM campaign. The EURGBP has showed signs of exhaustion and is on the verge of a price action collapse, but will today’s data deliver a breakdown? Online forex trading volume in this currency pair has picked up over the past few sessions, which way will it push price action?
Here is the key factor to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for May is predicted at £3.2B and UK Public Sector Net Borrowing excluding Banking Groups at £4.2B. Forex traders can compare this to UK Public Sector Net Borrowing for April which was reported at £5.0B and to UK Public Sector Net Borrowing excluding Banking Groups which was reported at £5.8B.
Should price action for the EURGBP remain inside the or breakdown below the 0.8870 to 0.8925 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8890
- Take Profit Zone: 0.8650 – 0.8720
- Stop Loss Level: 0.8950
Should price action for the EURGBP breakout above 0.8925 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8960
- Take Profit Zone: 0.9060 – 0.9100
- Stop Loss Level: 0.8925
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio. Did you get your MetaTrader4 login? Make sure to provide your correct e-mail address and then get started with one of the prime MT4 forex brokers in today’s marketplace!
