Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit/ADACI Services PMI for September was reported at 53.2. Economists predicted a figure of 55.0. Forex traders can compare this to the Italian Markit/ADACI Services PMI for for August which was reported at 55.1. The Italian Markit/ADACI Composite PMI for September was reported at 54.3. Economists predicted a figure of 55.9. Forex traders can compare this to the Italian Markit/ADACI Composite PMI for for August which was reported at 55.8.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for September was reported at 57.0. Economists predicted a figure of 57.1. Forex traders can compare this to the previous French Markit Services PMI for for September which was reported at 57.1. The Final French Markit Composite PMI for September was reported at 57.1. Economists predicted a figure of 57.2. Forex traders can compare this to the previous French Markit Composite PMI for for September which was reported at 57.2.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for September was reported at 55.6. Economists predicted a figure of 55.6. Forex traders can compare this to the previous German Markit Services PMI for for September which was reported at 55.6. The Final German Markit/BME Composite PMI for September was reported at 57.7. Economists predicted a figure of 57.8. Forex traders can compare this to the previous German Markit/BME Composite PMI for for September which was reported at 57.8.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for September was reported at 55.8. Economists predicted a figure of 55.6. Forex traders can compare this to the previous Eurozone Markit Services PMI for for September which was reported at 55.6. The Final Eurozone Markit Composite PMI for September was reported at 56.7. Economists predicted a figure of 56.7. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for September which was reported at 56.7.
- Eurozone Retail Sales: Eurozone Retail Sales for August decreased by 0.5% monthly and increased by 1.2% annualized. Economists predicted an increase of 0.3% monthly and of 2.6% annualized. Forex traders can compare this to Eurozone Retail Sales for July which decreased by 0.3% monthly and which increased by 2.3% 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 decreased by 0.1% annualized. Forex traders can compare this to the UK BRC Shop Price Index August which decreased by 0.3% annualized.
- British Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The British Markit/CIPS Services PMI for September was reported at 53.6. Economists predicted a figure of 53.2. Forex traders can compare this to the British Markit/CIPS Services PMI for August which was reported at 53.2. The British Markit/CIPS Composite PMI for September was reported at 53.6. Economists predicted a figure of 53.8. Forex traders can compare this to the British Markit/CIPS Composite PMI for August which was reported at 53.7.
- UK Official Reserves (Changes): UK Official Reserves (Changes) for September were reported at £554M. Forex traders can compare this to UK Official Reserves (Changes) for August which were reported at £1,603M.
Should price action for the EURGBP remain inside the or breakdown below the 0.8840 to 0.8880 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8860
- Take Profit Zone: 0.8590 – 0.8640
- Stop Loss Level: 0.8910
Should price action for the EURGBP breakout above 0.8880 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8920
- Take Profit Zone: 0.9080 – 0.9000
- Stop Loss Level: 0.8880
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