Here are the key factors to keep in mind today for Euro trades:
- Eurozone Unemployment Rate: The Eurozone Unemployment Rate for February was reported at 9.1%. Economists predicted a figure of 8.5%. Forex traders can compare this to the Eurozone Unemployment Rate for January which was reported at 8.6%.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for March is predicted to increase by 1.4% annualized and the Eurozone Core CPI is predicted to increase by 1.1% annualized. Forex traders can compare this to the Eurozone CPI for February which increased by 1.2% annualized and to the Eurozone Core CPI which increased by 1.0% 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 205K. Forex traders can compare this to the US ADP Employment Change for February which was reported at 235K.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for March is predicted at 54.3. Forex traders can compare this to the previous US Markit Services PMI for March which was reported at 54.1. The US Final Markit Composite PMI for March is predicted at 54.3. Forex traders can compare this to the previous US Markit Composite PMI for March which was reported at 54.3.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for March is predicted at 59.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for February which was reported at 59.5.
- US Factory Orders: US Factory Orders for February are predicted to increase by 1.7% monthly. Forex traders can compare this to US Factory Orders for January which decreased by 1.4% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.2250 to 1.2300 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2275
- Take Profit Zone: 1.2500 – 1.2555
- Stop Loss Level: 1.2155
Should price action for the EURUSD breakdown below 1.2250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2235
- Take Profit Zone: 1.2090 – 1.2155
- Stop Loss Level: 1.2275
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
