Here are the key factors to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for July was reported at 55.4. Economists predicted a figure of 54.6. Forex traders can compare this to the French Markit Manufacturing PMI for for June which was reported at 54.8. The Preliminary French Markit Services PMI for July was reported at 55.9. Economists predicted a figure of 56.7. Forex traders can compare this to the French Markit Services PMI for for June which was reported at 56.9. The Preliminary French Markit Composite PMI for June was reported at 55.7. Economists predicted a figure of 56.4. Forex traders can compare this to the French Markit Composite PMI for for June which was reported at 56.6.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for July was reported at 58.3. Economists predicted a figure of 59.2. Forex traders can compare this to the German Markit Manufacturing PMI for for June which was reported at 59.6. The Preliminary German Markit Services PMI for July was reported at 53.5. Economists predicted a figure of 54.3. Forex traders can compare this to the German Markit Services PMI for for June which was reported at 54.0. The Preliminary German Markit Composite PMI for July was reported at 55.1. Economists predicted a figure of 56.3. Forex traders can compare this to the German Markit Composite PMI for for June which was reported at 56.4.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for July was reported at 56.8. Economists predicted a figure of 57.2. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for June which was reported at 57.4. The Preliminary Eurozone Markit Services PMI for July was reported at 55.4. Economists predicted a figure of 55.4. Forex traders can compare this to the Eurozone Markit Services PMI for for June which was reported at 55.4. The Preliminary Eurozone Markit Composite PMI for July was reported at 55.8. Economists predicted a figure of 56.2. Forex traders can compare this to the Eurozone Markit Composite PMI for for June which was reported at 56.3.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Nikkei Manufacturing PMI: The Preliminary Japanese Nikkei Manufacturing PMI for July was reported at 52.2. Forex traders can compare this to the Japanese Nikkei Manufacturing PMI June which was reported at 52.4.
- Japanese Supermarket Sales: Japanese Supermarket Sales for June decreased by 1.2% annualized. Forex traders can compare this to Japanese Supermarket Sales for May which decreased by 1.8% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for May was reported at 104.6 and the Final Japanese Coincident Index was reported at 115.8. Forex traders can compare this to the first Japanese Leading Index for May which was reported at 104.7 and to the first Japanese Coincident Index which was reported at 115.5.
Should price action for the EURJPY remain inside the or breakout above the 128.800 to 129.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 129.000
- Take Profit Zone: 132.800 – 133.200
- Stop Loss Level: 128.000
Should price action for the EURJPY breakdown below 128.800 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 128.500
- Take Profit Zone: 127.500 – 127.800
- Stop Loss Level: 129.200
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