Here is the key factor to keep in mind today for Euro trades:
- German IFO: The German IFO Business Climate Index for September was reported at 103.7. Economists predicted a figure of 103.2. Forex traders can compare this to the German IFO Business Climate Index for August which was reported at 103.8. The German IFO Current Assessment Index for September was reported at 106.4. Economists predicted a figure of 106.0. Forex traders can compare this to the German IFO Current Assessment Index for August which was reported at 106.4. The German IFO Expectations Index for September was reported at 101.0. Economists predicted a figure of 100.5. Forex traders can compare this to the German IFO Expectations Index for August which was reported at 101.2.
Here is the key factor to keep in mind today for British Pound trades:
- UK CBI Trends Total Orders and CBI Trends Selling Prices: UK CBI Trends Total Orders for September were reported at -1 and CBI Trends Selling Prices were reported at 13. Forex traders can compare this to CBI Trends Total Orders for August which were reported at 7 and to CBI Trends Selling Prices which were reported at 15.
Should price action for the EURGBP remain inside the or breakdown below the 0.8950 to 0.8985 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8960
- Take Profit Zone: 0.8715 – 0.8735
- Stop Loss Level: 0.9030
Should price action for the EURGBP breakout above 0.8985 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9010
- Take Profit Zone: 0.9080 – 0.9100
- Stop Loss Level: 0.8985
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
