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 May was reported at 55.1. Economists predicted a figure of 55.3. Forex traders can compare this to the Italian Markit/ADACI Services PMI for for April which was reported at 55.6. The Italian Markit/ADACI Composite PMI for May was reported at 55.2. Economists predicted a figure of 55.7. Forex traders can compare this to the Italian Markit/ADACI Composite PMI for for April which was reported at 56.8.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for May was reported at 57.2. Economists predicted a figure of 58.0. Forex traders can compare this to the previous French Markit Services PMI for for May which was reported at 58.0. The Final French Markit Composite PMI for May was reported at 56.9. Economists predicted a figure of 57.6. Forex traders can compare this to the previous French Markit Composite PMI for for May which was reported at 57.6.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for May was reported at 55.4. Economists predicted a figure of 55.2. Forex traders can compare this to the previous German Markit Services PMI for for May which was reported at 55.2. The Final German Markit/BME Composite PMI for May was reported at 57.4. Economists predicted a figure of 57.3. Forex traders can compare this to the previous German Markit/BME Composite PMI for for May which was reported at 57.3.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for May was reported at 56.3. Economists predicted a figure of 56.2. Forex traders can compare this to the previous Eurozone Markit Services PMI for for May which was reported at 56.4. The Final Eurozone Markit Composite PMI for May was reported at 56.8. Economists predicted a figure of 56.8. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for May which was reported at 56.8.
Here are the key factors to keep in mind today for British Pound trades:
- UK New Car Registrations: UK New Car Registrations for May decreased by 8.5% annualized. Forex traders can compare this to UK New Car Registrations for April which decreased by 19.8% annualized.
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for May was reported at 53.8. Economists predicted a figure of 55.0. Forex traders can compare this to the British Markit/CIPS Services PMI for April which was reported at 55.8. The British Markit/CIPS Composite PMI for May was reported at 54.4. Economists predicted a figure of 55.5. Forex traders can compare this to the British Markit/CIPS Composite PMI for April which was reported at 56.2.
- UK Official Reserves (Changes): UK Official Reserves (Changes) for May were reported at £1,115M. Forex traders can compare this to UK Official Reserves (Changes) for April which were reported at £1,362M.
Should price action for the EURGBP remain inside the or breakdown below the 0.8700 to 0.8750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8725
- Take Profit Zone: 0.8450 – 0.8500
- Stop Loss Level: 0.8825
Should price action for the EURGBP breakout above 0.8750 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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