Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for August was reported flat at 0.0% monthly and increased by 4.8% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 5.2% annualized. Forex traders can compare this to the German Import Price Index for July which decreased by 0.2% monthly and which increased by 5.0% annualized.
- Eurozone Trade Balance: The Eurozone Trade Balance for August was reported at €16.6B. Economists predicted a figure of €14.7B. Forex traders can compare this to the Eurozone Trade Balance for July which was reported at €12.6B.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation Index for October was reported at 70.1 and the German ZEW Survey Economic Expectations Index was reported at -24.7. Economists predicted a figure of 74.4 and -12.0. Forex traders can compare this to the German ZEW Survey Current Situation Index for September which was reported at 76.0 and to the German ZEW Survey Economic Expectations Index which was reported at -10.6. The Eurozone ZEW Survey Economic Sentiment Index for October was reported at -19.4. Economists predicted a figure of -9.2. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment Index for September which was reported at -7.2.
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 September was reported at 18.5K and the Claimant Count Rate was reported at 2.6%. Forex traders can compare this to the UK Jobless Claims Change for August which was reported at 14.2K and to the Claimant Count Rate which was reported at 2.6%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in August was reported at -5K and the ILO Unemployment Rate was reported at 4.0%. Economists predicted a reading of 11K and of 4.0%. Forex traders can compare this to the UK Employment Change for July which was reported at 3K and to the ILO Unemployment Rate which was reported at 4.0%. Average Weekly Earnings for the tri-monthly period ending in August increased by 2.7% annualized and Average Weekly Earnings Excluding Bonuses increased by 3.1% annualized. Economists predicted an increase of 2.6% and of 2.9%. Forex traders can compare this to Average Weekly Earnings for July which increased by 2.6% and to Average Weekly Earnings Excluding Bonuses which increased by 2.9%.
Should price action for the EURGBP remain inside the or breakout above the 0.8745 to 0.8795 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8765
- Take Profit Zone: 0.8975 – 0.8995
- Stop Loss Level: 0.8725
Should price action for the EURGBP breakdown below 0.8745 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8720
- Take Profit Zone: 0.8920 – 0.8645
- Stop Loss Level: 0.8765
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