Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for February is predicted at 49.5. Forex traders can compare this to the Italian Markit Services PMI for January which was reported at 49.7. The Italian Markit Composite PMI for February is predicted at 48.6. Forex traders can compare this to the Italian Markit Composite PMI for January which was reported at 48.8.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for February is predicted at 49.8 Forex traders can compare this to the previous French Markit Services PMI for for February which was reported at 49.8. The Final French Markit Composite PMI for February is predicted at 49.9. Forex traders can compare this to the previous French Markit Composite PMI for for February which was reported at 49.9.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for February is predicted at 55.1. Forex traders can compare this to the previous German Markit Services PMI for for February which was reported at 55.1. The Final German Markit/BME Composite PMI for February is predicted at 52.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for February which was reported at 52.7.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for February is predicted at 52.3. Forex traders can compare this to the previous Eurozone Markit Services PMI for for February which was reported at 52.3. The Final Eurozone Markit Composite PMI for February is predicted at 51.4. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for February which was reported at 51.4.
- Italian GDP: The Final Italian GDP for the fourth-quarter is predicted to decrease by 0.2% quarterly and to increase by 0.1% annualized. Forex traders can compare this to the previous Italian GDP for the fourth-quarter which decreased by 0.2% quarterly and which increased by 0.1% annualized.
- Eurozone Retail Sales: Eurozone Retail Sales for January are predicted to increase by 1.3% monthly and by 2.1% annualized. Forex traders can compare this to Eurozone Retail Sales for December which decreased by 1.6% monthly and which increased by 0.8% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Like-for-Like Sales: UK BRC Like-for-Like Sales for February decreased by 0.1% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to UK BRC Like-for-Like Sales for January which increased by 1.8% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for February is predicted at 50.0 and the UK Markit/CIPS Composite PMI is predicted at 50.1. Forex traders can compare this to the UK Markit/CIPS Services PMI for January which was reported at 50.1 and to the UK Markit/CIPS Composite PMI which was reported at 50.3.
Should price action for the EURGBP remain inside the or breakout above the 0.8560 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: 0.8790 – 0.8840
- Stop Loss Level: 0.8530
Should price action for the EURGBP breakdown below 0.8560 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8530
- Take Profit Zone: 0.8315– 0.8385
- Stop Loss Level: 0.8590
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