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 53.1. Economists predicted a figure of 52.5. Forex traders can compare this to the French Markit Manufacturing PMI for for June which was reported at 52.5. The Preliminary French Markit Services PMI for July was reported at 55.3. Economists predicted a figure of 55.7. Forex traders can compare this to the French Markit Services PMI for for June which was reported at 55.9. The Preliminary French Markit Composite PMI for July was reported at 54.5. Economists predicted a figure of 54.9. Forex traders can compare this to the French Markit Composite PMI for for June which was reported at 55.0.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for July was reported at 57.3. Economists predicted a figure of 55.5. Forex traders can compare this to the German Markit Manufacturing PMI for for June which was reported at 55.9. The Preliminary German Markit Services PMI for July was reported at 54.4. 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 54.5. The Preliminary German Markit Composite PMI for July was reported at 55.5. Economists predicted a figure of 54.8. Forex traders can compare this to the German Markit Composite PMI for for June which was reported at 54.8.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for July was reported at 55.1. Economists predicted a figure of 54.6. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for June which was reported at 54.9. The Preliminary Eurozone Markit Services PMI for July was reported at 54.4. Economists predicted a figure of 55.0. Forex traders can compare this to the Eurozone Markit Services PMI for for June which was reported at 55.2. The Preliminary Eurozone Markit Composite PMI for July was reported at 54.3. Economists predicted a figure of 54.8. Forex traders can compare this to the Eurozone Markit Composite PMI for for June which was reported at 54.9.
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 51.6. Forex traders can compare this to the Japanese Nikkei Manufacturing PMI June which was reported at 53.0.
- Japanese Supermarket Sales: Japanese Supermarket Sales for June increased by 0.1% annualized. Forex traders can compare this to Japanese Supermarket Sales for May which decreased by 2.3% annualized. Japanese Nationwide Department Store Sales for June increased by 3.1% annualized. Forex traders can compare this to Japanese Nationwide Department Store Sales for May which decreased by 2.0% annualized.
- Japanese Leading Index and Japanese Coincident Index: The Final Japanese Leading Index for May was reported at 106.9 and the Final Japanese Coincident Index was reported at 116.8. Forex traders can compare this to the previous Japanese Leading Index for May which was reported at 106.9 and to the previous Japanese Coincident Index which was reported at 116.8.
Should price action for the EURJPY remain inside the or breakdown below the 129.750 to 130.350 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 130.000
- Take Profit Zone: 124.600 – 125.000
- Stop Loss Level: 131.200
Should price action for the EURJPY breakout above 130.350 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 130.750
- Take Profit Zone: 132.000 – 132.950
- Stop Loss Level: 130.000
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