Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit/ADACI Services PMI for August is predicted at 51.8. Forex traders can compare this to the Italian Markit/ADACI Services PMI for for July which was reported at 52.0. The Italian Markit/ADACI Composite PMI for August is predicted at 52.0. Forex traders can compare this to the Italian Markit/ADACI Composite PMI for for July which was reported at 52.2.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for August is predicted at 52.0. Forex traders can compare this to the previous French Markit Services PMI for for August which was reported at 52.0. The Final French Markit Composite PMI for August is predicted at 51.6. Forex traders can compare this to the previous French Markit Composite PMI for for August which was reported at 51.6.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for August is predicted at 53.3. Forex traders can compare this to the previous German Markit Services PMI for for August which was reported at 53.3. The Final German Markit/BME Composite PMI for August is predicted at 54.4. Forex traders can compare this to the previous German Markit/BME Composite PMI for for August which was reported at 54.4.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for August is predicted at 53.1. Forex traders can compare this to the previous Eurozone Markit Services PMI for for August which was reported at 53.1. The Final Eurozone Markit Composite PMI for August is predicted at 53.3. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for August which was reported at 53.3.
- Eurozone Sentix Investor Confidence: The Eurozone Sentix Investor Confidence for September is predicted at 5.0. Forex traders can compare this to the Eurozone Sentix Investor Confidence for August which was reported at 4.2.
- Eurozone Retail Sales: Eurozone Retail Sales for July are predicted to increase by 0.5% monthly and by 1.8% annualized. Forex traders can compare this to Eurozone Retail Sales for June which were flat at 0.0% monthly and which increase by 1.6% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
- Japanese Labor Cash Earnings: Japanese Labor Cash Earnings for July increased by 1.4% annualized and Real Cash Earnings by 2.0% annualized. Economists predicted an increase of 0.4% annualized and of 0.7% annualized. Forex traders can compare this to Japanese Labor Cash Earnings for June which increased by 1.4% annualized and Real Cash Earnings which increased by 20% annualized.
- Japanese Nikkei Services PMI and Composite PMI: The Japanese Nikkei Services PMI for August was reported at 49.6. Forex traders can compare this to the Japanese Nikkei Services PMI for for July which was reported at 50.4. The Japanese Nikkei Composite PMI for August was reported at 49.8. Forex traders can compare this to the Japanese Nikkei Composite PMI for for July which was reported at 50.1.
Should price action for the EURJPY remain inside the or breakout above the 115.250 to 115.750 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 115.500
- Take Profit Zone: 121.500 – 122.500
- Stop Loss Level: 112.500
Should price action for the EURJPY breakdown below 115.250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 114.750
- Take Profit Zone: 110.000 – 111.000
- Stop Loss Level: 115.2500
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