Here are the key factors to keep in mind today for Euro trades:
- German Retail Sales: German Retail Sales for January decreased by 0.8% monthly and increased by 2.3% annualized. Economists predicted an increase of 0.2% monthly and of 0.7% annualized. Forex traders can compare this to German Retail Sales for December which decreased by 0.9% monthly and which increased by 0.4% annualized.
- Italian Services PMI and Composite PMI: The Final Italian Markit Services PMI for February is predicted at 52.8. Forex traders can compare this to the previous Italian Markit Services PMI for for February which was reported at 52.4. The Final Italian Markit Composite PMI for February is predicted at 53.1. Forex traders can compare this to the previous Italian Markit Composite PMI for for February which was reported at 52.8.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for February is predicted at 56.7. Forex traders can compare this to the previous French Markit Services PMI for for February which was reported at 56.7. The Final French Markit Composite PMI for February is predicted at 56.2. Forex traders can compare this to the previous French Markit Composite PMI for for February which was reported at 56.2.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for February is predicted at 54.4. Forex traders can compare this to the previous German Markit Services PMI for for February which was reported at 54.4. The Final German Markit/BME Composite PMI for February is predicted at 56.1. Forex traders can compare this to the previous German Markit/BME Composite PMI for for February which was reported at 56.1.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for February is predicted at 55.6. Forex traders can compare this to the previous Eurozone Markit Services PMI for for February which was reported at 55.6. The Final Eurozone Markit Composite PMI for February is predicted at 56.0. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for February which was reported at 56.0.
- Eurozone Retail Sales: Eurozone Retail Sales for January are predicted to increase by 0.3% monthly and by 1.5% annualized. Forex traders can compare this to Eurozone Retail Sales for December which decreased by 0.3% monthly and which increase by 1.1% annualized.
Here is the key factor to keep in mind today for British Pound trades:
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for February is predicted at 54.0. Forex traders can compare this to the British Markit/CIPS Services PMI for January which was reported at 54.5. The British Markit/CIPS Composite PMI for February is predicted at 55.6. Forex traders can compare this to the British Markit/CIPS Composite PMI for January which was reported at 55.5.
Should price action for the EURGBP remain inside the or breakout above the 0.8550 to 0.8600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8575
- Take Profit Zone: 0.9050 – 0.9100
- Stop Loss Level: 0.8450
Should price action for the EURGBP breakdown below 0.8550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8500
- Take Profit Zone: 0.8285 – 0.8325
- Stop Loss Level: 0.8600
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