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 September is predicted at 52.8. Forex traders can compare this to the Italian Markit Services PMI for August which was reported at 52.6. The Italian Markit Composite PMI for September is predicted at 51.8. Forex traders can compare this to the Italian Markit Composite PMI for August which was reported at 51.7.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for September is predicted at 54.3 Forex traders can compare this to the previous French Markit Services PMI for for September which was reported at 54.3. The Final French Markit Composite PMI for September is predicted at 53.6. Forex traders can compare this to the previous French Markit Composite PMI for for September which was reported at 53.6.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for September is predicted at 56.5. Forex traders can compare this to the previous German Markit Services PMI for for September which was reported at 56.5. The Final German Markit/BME Composite PMI for September is predicted at 55.3. Forex traders can compare this to the previous German Markit/BME Composite PMI for for September which was reported at 55.3.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for September is predicted at 54.7. Forex traders can compare this to the previous Eurozone Markit Services PMI for for September which was reported at 54.7. The Final Eurozone Markit Composite PMI for September is predicted at 54.2. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for September which was reported at 54.2.
- Eurozone Retail Sales: Eurozone Retail Sales for August are predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to Eurozone Retail Sales for July which decreased by 0.2% monthly and which increased by 1.1% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK BRC Shop Price Index: The UK BRC Shop Price Index for September increased by 0.2% annualized. Forex traders can compare this to the UK BRC Shop Price Index August which increased by 0.1% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for September is predicted at 54.0 and the UK Markit/CIPS Composite PMI is predicted at 54.0. Forex traders can compare this to the UK Markit/CIPS Services PMI for August which was reported at 54.3 and to the UK Markit/CIPS Composite PMI which was reported at 54.2.
Should price action for the EURGBP remain inside the or breakout above the 0.8890 to 0.8920 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8905
- Take Profit Zone: 0.9030 – 0.9050
- Stop Loss Level: 0.8850
Should price action for the EURGBP breakdown below 0.8890 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8870
- Take Profit Zone: 0.8715 – 0.8750
- Stop Loss Level: 0.8905
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