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 August was reported at 52.6. Economists predicted a figure of 53.1. Forex traders can compare this to the Italian Markit Services PMI for for July which was reported at 52.8. The Italian Markit Composite PMI for August was reported at 51.7. Economists predicted a figure of 52.2. Forex traders can compare this to the Italian Markit Composite PMI for for July which was reported at 53.0.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for August was reported at 55.4. Economists predicted a figure of 55.7. Forex traders can compare this to the previous French Markit Services PMI for for August which was reported at 54.9. The Final French Markit Composite PMI for August was reported at 54.9. Economists predicted a figure of 55.1. Forex traders can compare this to the previous French Markit Composite PMI for for August which was reported at 54.4.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for August was reported at 55.0. Economists predicted a figure of 55.2. Forex traders can compare this to the previous German Markit Services PMI for for August which was reported at 54.1. The Final German Markit/BME Composite PMI for August was reported at 55.6. Economists predicted a figure of 55.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for August which was reported at 55.0.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for August was reported at 54.4. Economists predicted a figure of 54.4. Forex traders can compare this to the previous Eurozone Markit Services PMI for for August which was reported at 54.4. The Final Eurozone Markit Composite PMI for August was reported at 54.5. Economists predicted a figure of 54.4. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for August which was reported at 54.3.
- Eurozone Retail Sales: Eurozone Retail Sales for July are predicted to decrease by 0.1% monthly and to increase by 1.3% annualized. Forex traders can compare this to Eurozone Retail Sales for June which increased by 0.3% monthly and by 1.2% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK New Car Registrations: UK New Car Registrations for August increased by 21.3% annualized. Forex traders can compare this to UK New Car Registrations for July which increased by 1.2% annualized.
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for August was reported at 54.3 and the UK Markit/CIPS Composite PMI was reported at 54.1. Economists predicted a figure of 53.9 and of 54.1. Forex traders can compare this to the UK Markit/CIPS Services PMI for July which was reported at 53.5 and to the UK Markit/CIPS Composite PMI which was reported at 53.6.
Should price action for the EURGBP remain inside the or breakdown below the 0.9000 to 0.9035 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9025
- Take Profit Zone: 0.8700 – 0.8755
- Stop Loss Level: 0.9090
Should price action for the EURGBP breakout above 0.9035 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9055
- Take Profit Zone: 0.9165– 0.9270
- Stop Loss Level: 0.9000
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