Here are the key factors to keep in mind today for Euro trades:
- German Retail Sales: German Retail Sales for October decreased by 0.3% monthly and increased by 5.0% annualized. Economists predicted an increase of 0.4% monthly and of 1.4% annualized. Forex traders can compare this to German Retail Sales for September which increased by 0.1% monthly and which decreased by 2.6% annualized.
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for October is predicted at 8.0%. Forex traders can compare this to the Eurozone Unemployment Rate for September which was reported at 8.1%.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for November is predicted to increase by 2.0% annualized and the Eurozone Core CPI is predicted to increase by 1.1% annualized. Forex traders can compare this to the Eurozone CPI for October which increased by 2.2% annualized and to the Eurozone Core CPI which increased by 1.1% annualized.
- Italian GDP: The Final Italian GDP for the third-quarter is predicted flat at 0.0% quarterly and to increase by 0.8% annualized. Forex traders can compare this to the previous Italian GDP for the third-quarter which was reported flat at 0.0% quarterly and which increased by 0.8% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Jobless Rate and Job-to-Applicant Ratio: The Japanese Jobless Rate for October was reported at 2.4% and the Job-to-Applicant Ratio at 1.62. Economists predicted a figure of 2.3% and of 1.65. Forex traders can compare this to the Japanese Jobless Rate for September which was reported at 2.3% and to the Job-to-Applicant Ratio which was reported at 1.64.
- Japanese Industrial Production: Preliminary Japanese Industrial Production for October increased by 2.9% monthly and by 4.2% annualized. Economists predicted an increase of 1.2% monthly and of 2.5% annualized. Forex traders can compare this to Japanese Industrial Production for September which decreased by 0.4% monthly and by 2.5% annualized.
- Japanese Vehicle Production: Japanese Vehicle Production for September decreased by 5.3% annualized. Forex traders can compare this to Japanese Vehicle Production for August which decreased by 0.3% annualized.
- Japanese Consumer Confidence: Japanese Consumer Confidence for November was reported at 42.9. Economists predicted a figure of 43.2. Forex traders can compare this to Japanese Consumer Confidence for October which was reported at 43.0.
- Japanese Housing Starts and Construction Orders: Japanese Housing Starts for October increased by 0.3% annualized to 0.950M units. Economists predicted a decrease of 0.1% annualized to 0.941M units. Forex traders can compare this to Japanese Housing Starts for September which decreased by 1.5% annualized to 0.943M units. Construction Orders for October decreased by 16.5% annualized. Forex traders can compare this to Construction Orders for September which increased by 1.0% annualized.
Should price action for the EURJPY remain inside the or breakout above the 128.650 to 129.200 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 129.100
- Take Profit Zone: 130.250 – 130.850
- Stop Loss Level: 128.450
Should price action for the EURJPY breakdown below 128.650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 128.450
- Take Profit Zone: 126.000 – 126.600
- Stop Loss Level: 129.100
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