Here are the key factors to keep in mind today for Euro trades:
- German PPI: The German PPI for March decreased by 0.1% monthly and increased by 2.4% annualized. Economists predicted an increase of 0.2% monthly and of 2.7% annualized. Forex traders can compare this to the German PPI for February which decreased by 0.1% monthly and which increased by 2.6% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for April was reported at 49.6. Economists predicted a figure of 50.0. Forex traders can compare this to the French Markit Manufacturing PMI for for March which was reported at 49.7. The Preliminary French Markit Services PMI for April was reported at 50.5. Economists predicted a figure of 49.8. Forex traders can compare this to the French Markit Services PMI for for March which was reported at 49.1. The Preliminary French Markit Composite PMI for April was reported at 50.0. Economists predicted a figure of 49.7. Forex traders can compare this to the French Markit Composite PMI for for March which was reported at 48.9.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for April was reported at 44.5. Economists predicted a figure of 45.0. Forex traders can compare this to the German Markit Manufacturing PMI for for March which was reported at 44.1. The Preliminary German Markit Services PMI for April was reported at 55.6. Economists predicted a figure of 55.1. Forex traders can compare this to the German Markit Services PMI for for March which was reported at 55.4. The Preliminary German Markit Composite PMI for April was reported at 52.1. Economists predicted a figure of 51.7. Forex traders can compare this to the German Markit Composite PMI for for March which was reported at 51.4.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for April was reported at 47.8. Economists predicted a figure of 47.9. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for March which was reported at 47.5. The Preliminary Eurozone Markit Services PMI for April was reported at 52.5. Economists predicted a figure of 53.2. Forex traders can compare this to the Eurozone Markit Services PMI for for March which was reported at 53.3. The Preliminary Eurozone Markit Composite PMI for April was reported at 51.3. Economists predicted a figure of 51.8. Forex traders can compare this to the Eurozone Markit Composite PMI for for March which was reported at 51.6.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Retail Sales: US Advanced Retail Sales for March are predicted to increase by 0.8% monthly and Retail Sales Less Autos are predicted to increase by 0.7% monthly. Forex traders can compare this to US Advanced Retail Sales for February which decreased by 0.2% monthly and to Retail Sales Less Autos which decreased by 0.4% monthly. Retail Sales Less Autos and Gas for March are predicted to increase by 0.5% monthly and Retail Sales Control Group are predicted to increase by 0.5% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for February which decreased by 0.6% monthly and to Retail Sales Control Group which decreased by 0.2% monthly.
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for April is predicted at 11.0. Forex traders can compare this to the Philadelphia Fed Business Outlook for March which was reported at 13.7.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of April 13th are predicted at 205K and US Continuing Claims for the week of April 6th are predicted at 1,720K. Forex traders can compare this to US Initial Jobless Claims for the week of April 6th which were reported at 196K and to US Continuing Claims for the week of March 30th which were reported at 1,713K.
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for April is predicted at 53.0. Forex traders can compare this to the US Markit Manufacturing PMI for March which was reported at 52.4. The Preliminary US Markit Services PMI for April is predicted at 55.0. Forex traders can compare this to the US Markit Services PMI for March which was reported at 55.3. The Preliminary US Markit Composite PMI for April is predicted at 54.5. Forex traders can compare this to the US Markit Composite PMI for March which was reported at 54.6.
- US Leading Indicators: US Leading Indicators for March are predicted to increase by 0.4% monthly. Forex traders can compare this to US Leading Indicators for February which increased by 0.2% monthly.
- US Business Inventories: US Business Inventories for February are predicted to increase by 0.3% monthly. Forex traders can compare this to US Business Inventories for January which increased by 0.8% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.1240 to 1.1280 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1260
- Take Profit Zone: 1.1445 – 1.1515
- Stop Loss Level: 1.1200
Should price action for the EURUSD breakdown below 1.1240 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1180
- Take Profit Zone: 1.0915 – 1.1020
- Stop Loss Level: 1.1260
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