Here are the key factors to keep in mind today for Euro trades:
- Eurozone Confidence Data: Eurozone Economic Confidence for June was reported at 104.4. Economists predicted a figure of 104.7. Forex traders can compare this to Eurozone Economic Confidence for May which was reported at 104.6. Eurozone Industrial Confidence for June was reported at -2.8. Economists predicted a figure of -3.4. Forex traders can compare this to Eurozone Industrial Confidence for May which was reported at -3.7. Eurozone Services Confidence for June was reported at 10.8. Economists predicted a figure of 11.0. Forex traders can compare this to Eurozone Services Confidence for May which was reported at 11.3. Final Eurozone Consumer Confidence for May was reported at -7.3. Economists predicted a figure of -7.3. Forex traders can compare this to the first Eurozone Consumer Confidence for May which was reported at -7.3.
- German CPI: The German CPI for June is predicted to increase by 0.2% monthly and by 0.3% annualized. Forex traders can compare this to the German CPI for May which decreased by 0.3% monthly and by 0.1% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Consumer Credit for May was reported at £1.503B. Economists predicted a figure of £1.500B. Forex traders can compare this to UK Consumer Credit for April which was reported at £1.294B.Net Lending Securities on Dwellings for May was reported at £2.8B. Economists predicted a figure of £2.2B. Forex traders can compare this to Net Lending Securities on Dwellings for April which was reported at £0.1B.
- UK Mortgage Approvals: UK Mortgage Approvals for May were reported at 67.04K. Economists predicted a figure of 65.30K. Forex traders can compare this to UK Mortgage Approvals for April which were reported at 66.21K.
Should price action for the EURGBP remain inside the or breakdown below the 0.8250 to 0.8300 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8275
- Take Profit Zone: 0.7600 – 0.7650
- Stop Loss Level: 0.8400
Should price action for the EURGBP breakout above 0.8300 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8325
- Take Profit Zone: 0.8400 – 0.8450
- Stop Loss Level: 0.8250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
