Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Preliminary German GDP for the first-quarter increased by 0.3% quarterly and by 2.3% annualized. Economists predicted an increase of 0.4% quarterly and of 2.4% annualized. Forex traders can compare this to the German GDP report for the fourth-quarter which increased by 0.6% quarterly and by 2.9% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for March is predicted to increase by 0.7% monthly and by 3.7% annualized. Forex traders can compare this to Eurozone Industrial Production for February which decreased by 0.8% monthly and which increased by 2.9% annualized.
- Eurozone GDP: The advanced Eurozone GDP for the first-quarter is predicted to increase by 0.4% quarterly and by 2.5% annualized. Forex traders can compare this to the previous Eurozone GDP for the first-quarter which increased by 0.4% quarterly and by 2.5% annualized.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation for May is predicted at 85.2 and the German ZEW Survey Economic Sentiment at -8.2. Forex traders can compare this to the German ZEW Survey Current Situation for April which was reported at 87.9 and to the German ZEW Survey Economic Sentiment which was reported at -8.2. The Eurozone ZEW Survey Economic Sentiment for May is predicted at 2.0. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment for April which was reported at 1.9.
Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for March is predicted at 13.3K and the Claimant Count Rate is predicted at 2.4%. Forex traders can compare this to the UK Jobless Claims Change for February which were reported at 11.6K and to the Claimant Count Rate which was reported at 2.4%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in March is predicted at 129K and the ILO Unemployment Rate is predicted at 4.2%. Forex traders can compare this to the UK Employment Change for February which was reported at 55K and to the ILO Unemployment Rate which was reported at 4.2%. Average Weekly Earnings for the tri-monthly period ending in March are predicted to increase by 2.6% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.9% annualized. Forex traders can compare this to Average Weekly Earnings for February which increased by 2.8% and Average Weekly Earnings Excluding Bonuses which increased by 2.8%.
Should price action for the EURGBP remain inside the or breakdown below the 0.8790 to 0.8825 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8805
- Take Profit Zone: 0.8455 – 0.8505
- Stop Loss Level: 0.8890
Should price action for the EURGBP breakout above 0.8825 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8845
- Take Profit Zone: 0.8920 – 0.8965
- Stop Loss Level: 0.8790
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