Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for March is predicted at 50.6. Forex traders can compare this to the Italian Markit Services PMI for February which was reported at 50.4. The Italian Markit Composite PMI for March is predicted at 50.1. Forex traders can compare this to the Italian Markit Composite PMI for February which was reported at 49.6.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for March is predicted at 48.9 Forex traders can compare this to the previous French Markit Services PMI for for March which was reported at 48.7. The Final French Markit Composite PMI for March is predicted at 49.0. Forex traders can compare this to the previous French Markit Composite PMI for for March which was reported at 48.7.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for March is predicted at 54.9. Forex traders can compare this to the previous German Markit Services PMI for for March which was reported at 54.9. The Final German Markit/BME Composite PMI for March is predicted at 51.5. Forex traders can compare this to the previous German Markit/BME Composite PMI for for March which was reported at 51.5.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for March is predicted at 52.7. Forex traders can compare this to the previous Eurozone Markit Services PMI for for March which was reported at 52.7. The Final Eurozone Markit Composite PMI for March is predicted at 51.4. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for March which was reported at 51.3.
- Eurozone Retail Sales: Eurozone Retail Sales for February are predicted to increase by 0.1% monthly and by 1.5% annualized. Forex traders can compare this to Eurozone Retail Sales for January which increased by 1.3% monthly and by 2.2% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for March is predicted at 180K. Forex traders can compare this to the US ADP Employment Change for February which was reported at 183K.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for March is predicted at 54.8 and the US Final Markit Composite PMI is predicted at 54.3. Forex traders can compare this to the previous US Markit Services PMI for March which was reported at 54.8 and to the previous US Markit Composite PMI which was reported at 54.3.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for March is predicted at 58.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for February which was reported at 59.7. The ISM Non-Manufacturing Business Activity Index for March is predicted at 61.5. Forex traders can compare this to the ISM Non-Manufacturing Business Activity Index for February which was reported at 64.7.
Should price action for the EURUSD remain inside the or breakout above the 1.1175 to 1.1240 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1225
- Take Profit Zone: 1.1390 – 1.1445
- Stop Loss Level: 1.1120
Should price action for the EURUSD breakdown below 1.1175 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1140
- Take Profit Zone: 1.0915 – 1.1020
- Stop Loss Level: 1.1200
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