Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for February increased by 0.3% monthly and by 1.6% annualized. Economists predicted an increase of 0.5% monthly and of 1.7% annualized. Forex traders can compare this to the German Import Price Index for January which decreased by 0.2% monthly and which increased by 0.8% annualized.
- German Retail Sales: German Retail Sales for February increased by 0.9% monthly and by 4.7% annualized. Economists predicted a decrease of 0.9% monthly and an increase of 21.2% annualized. Forex traders can compare this to German Retail Sales for January which increased by 3.3% monthly and by 2.6% annualized.
- German Unemployment Change and German Unemployment Rate: The German Unemployment Change for March is predicted at -10K and the German Unemployment Rate at 4.9%. Forex traders can compare this to the German Unemployment Change for February which was reported at -21K and to the German Unemployment Rate which was reported at 5.0%.
Here are the key factors to keep in mind today for British Pound trades:
- UK GfK Consumer Confidence: UK GfK Consumer Confidence for March was reported at -13. Economists predicted a figure of -14. Forex traders can compare this to UK GfK Consumer Confidence for February which was reported at -13.
- UK Lloyds Business Barometer: The UK Lloyds Business Barometer for March was reported at 10. Forex traders can compare this to the UK Lloyds Business Barometer for February which was reported at 4.
- UK Nationwide House Prices: UK Nationwide House Prices for March increased by 0.2% monthly and by 0.7% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 0.6% annualized. Forex traders can compare this to UK Nationwide House Prices for February which were reported flat at 0.0% monthly and which increased by 0.4% annualized.
- UK Consumer Credit and Net Lending Securities on Dwellings: UK Net Consumer Credit for February is predicted at £0.9B and Net Lending Securities on Dwellings is predicted at £3.7B. Forex traders can compare this to UK Net Consumer Credit for January which was reported at £1.1B and to Net Lending Securities on Dwellings which was reported at £3.7B.
- UK Mortgage Approvals: UK Mortgage Approvals for February are predicted at 65.0K. Forex traders can compare this to UK Mortgage Approvals for January which were reported at 66.8K.
- UK GDP and UK Total Business Investment: The final UK GDP for the fourth-quarter is predicted to increase by 0.2% quarterly and by 1.3% annualized. Forex traders can compare this to the previous UK GDP for the fourth-quarter which increased by 0.2% quarterly and by 1.3% annualized. Final UK Total Business Investment for the fourth-quarter is predicted to decrease by 1.4% quarterly and by 3.7% annualized. Forex traders can compare this to the previous UK Total Business Investment for the fourth-quarter which decreased by 1.4% quarterly and by 3.7% annualized.
- UK Current Account Balance: The UK Current Account Balance for the fourth-quarter is predicted at -£22.9B. Forex traders can compare this to the UK Current Account Balance for the third-quarter which was reported at -£26.5B.
Should price action for the EURGBP remain inside the or breakout above the 0.8555 to 0.8620 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8590
- Take Profit Zone: 0.8815 – 0.8860
- Stop Loss Level: 0.8525
Should price action for the EURGBP breakdown below 0.8555 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8530
- Take Profit Zone: 0.8385– 0.8425
- Stop Loss Level: 0.8590
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