Here are the key factors to keep in mind today for Euro trades:
- German Trade Balance & German Current Account Balance: The German Trade Balance for July was reported at a €19.5B. Economists predicted a figure of €21.0B. Forex traders can compare this to German Trade Balance for June which was reported at €22.3B. Exports increased by 0.2% monthly and Imports increased by 2.2% monthly. Economists predicted an increase of 1.3% monthly and of 2.8% monthly. Forex traders can compare this to Exports for June which decreased by 2.7% monthly and to Imports which decreased by 4.4% monthly. The German Current Account Balance for July was reported at a €19.4B. Economists predicted a figure of €20.5B. Forex traders can compare this to the German Current Account Balance for June which was reported at €23.6B.
- Eurozone Labor Costs: Eurozone Labor Costs for the second-quarter increased by 0.3% quarterly and by 2.3%annualized. Forex traders can compare this to Eurozone Labor Costs for the first-quarter which increased by 0.1% quarterly and by 2.2% annualized.
Here is the key factor to keep in mind today for British Pound trades:
- UK Industrial Production and UK Manufacturing Production: UK Industrial Production for July increased by 0.2% monthly and by 0.4% annualized. Economists predicted an increase of 0.2% monthly and of 0.3% annualized. Forex traders can compare this to UK Industrial Production for June which increased by 0.5% monthly and by 0.3% annualized. UK Manufacturing Production for July increased by 0.5% monthly and by 1.9% annualized. Economists predicted an increase of 0.3% monthly and of 1.7% annualized. Forex traders can compare this to UK Manufacturing Production for June which was reported flat at 0.0% monthly and which increased by 0.6% annualized.
- UK Construction Output Seasonally Adjusted: UK Construction Output Seasonally Adjusted for July decreased by 0.9% monthly and by 0.4% annualized. Economists predicted a decrease of 0.3% monthly and an increase of 0.2% annualized. Forex traders can compare this to UK Construction Output Seasonally Adjusted for June which decreased by 0.1% monthly and which increased by 0.9% annualized.
- UK Trade Balance: The UK Visible Trade Balance for July was reported at -£11.580B. Economists predicted a figure of -£12.000B. Forex traders can compare this to the UK Visible Trade Balance for June which was reported at -£11.530B. The UK Trade Balance Non EU for July was reported at -£3.840B. Economists predicted a figure of -£4.000B. Forex traders can compare this to the UK Trade Balance Non EU for June which was reported at -£3.930B. The UK Total Trade Balance for July was reported at -£2.872B. Economists predicted a figure of -£3.250B. Forex traders can compare this to the UK Total Trade Balance for June which was reported at -£2.914B.
Should price action for the EURGBP remain inside the or breakdown below the 0.9140 to 0.9180 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9160
- Take Profit Zone: 0.8855 – 0.8900
- Stop Loss Level: 0.9220
Should price action for the EURGBP breakout above 0.9180 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9200
- Take Profit Zone: 0.9280 – 0.9305
- Stop Loss Level: 0.9060
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