Here is the key factor to keep in mind today for Euro trades:
- German CPI: The Final German CPI for October increased by 0.2% monthly and by 0.7% annualized. Economists predicted an increase of 0.2% monthly and of 0.7% annualized. Forex traders can compare this to the previous German CPI for October which increased by 0.2% monthly and by 0.7% annualized.
Here is the key factor to keep in mind today for British Pound trades:
- UK Construction Output: UK Construction Output seasonally adjusted for September increased by 0.3% monthly and by 0.2% annualized. Economists predicted a flat reading of 0.0% monthly and a decrease of 0.4% annualized. Forex traders can compare this to UK Construction Output seasonally adjusted for August which decreased by 1.1% monthly and which increased by 0.8% annualized.
Should price action for the EURGBP remain inside the or breakdown below the 0.8590 to 0.8620 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8615
- Take Profit Zone: 0.8100 – 0.8150
- Stop Loss Level: 0.8700
Should price action for the EURGBP breakout above 0.8620 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8640
- Take Profit Zone: 0.9000 – 0.900
- Stop Loss Level: 0.8590
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
