Here are the key factors to keep in mind today for Euro trades:

• German Factory Orders: German Factory Orders for September increased by 0.3% monthly and decreased by 2.0% annualized. Economists predicted a decrease of 0.5% monthly and of 2.8% annualized. Forex traders can compare this to German Factory Orders for August which increased by 2.0% monthly and decreased by 2.1% annualized.
• Italian Services PMI and Composite PMI: The Italian Markit Services PMI for October was reported at 49.2. Economists predicted a figure of 52.0. Forex traders can compare this to the Italian Markit Services PMI for for September which was reported at 53.3. The Italian Markit Composite PMI for October was reported at 49.3. Economists predicted a figure of 51.0. Forex traders can compare this to the Italian Markit Composite PMI for for September which was reported at 52.4.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for October was reported at 55.3. Economists predicted a figure of 55.6. Forex traders can compare this to the previous French Markit Services PMI for for October which was reported at 55.6. The Final French Markit Composite PMI for October was reported at 54.1. Economists predicted a figure of 54.3. Forex traders can compare this to the previous French Markit Composite PMI for for October which was reported at 54.3.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for October was reported at 54.7. Economists predicted a figure of 53.6. Forex traders can compare this to the previous German Markit Services PMI for for October which was reported at 53.6. The Final German Markit/BME Composite PMI for October was reported at 53.4. Economists predicted a figure of 52.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for October which was reported at 52.7.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for October was reported at 53.7. Economists predicted a figure of 53.3. Forex traders can compare this to the previous Eurozone Markit Services PMI for for October which was reported at 53.3. The Final Eurozone Markit Composite PMI for October was reported at 53.1. Economists predicted a figure of 52.7. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for October which was reported at 52.7.
• Eurozone PPI: The Eurozone PPI for September increased by 0.5% monthly and by 4.5% annualized. Economists predicted an increase of 0.4% monthly and of 4.3% annualized. Forex traders can compare this to the Eurozone PPI for August which increased by 0.4% monthly and by 4.3% annualized.

Here is the key factor to keep in mind today for Japanese Yen trades:

• Japanese Household Spending: Japanese Household Spending for September decreased by 1.6% annualized. Economists predicted an increase of 1.5% annualized. Forex traders can compare this to Japanese Household Spending for August which increased by 2.8% annualized.

Should price action for the EURJPY remain inside the or breakout above the 128.600 to 129.450 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 129.000
• Take Profit Zone: 132.500 – 133.100
• Stop Loss Level: 127.850

Should price action for the EURJPY breakdown below 128.600 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 128.450
• Take Profit Zone: 124.900 – 125.550
• Stop Loss Level: 129.000

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