Here are the key factors to keep in mind today for Euro trades:
- French Preliminary Markit PMI: The French Preliminary Markit Manufacturing PMI for August was reported at 48.5. Economists predicted a figure of 48.8. Forex traders can compare this to the first French Markit Manufacturing PMI for August which was reported at 48.6. The French Preliminary Markit Services PMI for August was reported at 52.0. Economists predicted a figure of 50.5. Forex traders can compare this to the first French Markit Services PMI for August which was reported at 50.5. The French Preliminary Markit Composite PMI for August was reported at 51.6. Economists predicted a figure of 50.4. Forex traders can compare this to the first French Markit Composite PMI for August which was reported at 50.1.
- German Preliminary Markit PMI: The German Preliminary Markit Manufacturing PMI for August was reported at 53.6. Economists predicted a figure of 53.6. Forex traders can compare this to the first German Markit Manufacturing PMI for August which was reported at 53.8. The German Preliminary Markit Services PMI for August was reported at 53.3. Economists predicted a figure of 54.3. Forex traders can compare this to the first German Markit Services PMI for August which was reported at 54.4. The German Preliminary Markit Composite PMI for August was reported at 54.4. Economists predicted a figure of 55.1. Forex traders can compare this to the first German Markit Composite PMI for August which was reported at 55.3.
- Eurozone Preliminary Markit PMI: The Eurozone Preliminary Markit Manufacturing PMI for August was reported at 51.8. Economists predicted a figure of 52.0. Forex traders can compare this to the first Eurozone Markit Manufacturing PMI for August which was reported at 52.0. The Eurozone Preliminary Markit Services PMI for August was reported at 53.1. Economists predicted a figure of 52.8. Forex traders can compare this to the first Eurozone Markit Services PMI for August which was reported at 52.9. The Eurozone Preliminary Markit Composite PMI for August was reported at 53.3. Economists predicted a figure of 53.1. Forex traders can compare this to the first Eurozone Markit Composite PMI for August which was reported at 53.2.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI: The US Markit Manufacturing PMI for August is predicted at 52.7. Forex traders can compare this to the US Markit Manufacturing PMI for July which was reported at 52.9.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for August is predicted at 6. Forex traders can compare this to the US Richmond Fed Manufacturing Index for July which was reported at 10.
- US New Home Sales: US New Home Sales for July are predicted to decrease by 2.0% monthly to 580K New Homes. Forex traders can compare this to US New Home Sales for June which increased by 3.5% monthly to 592K New Homes.
Should price action for the EURUSD remain inside the or breakdown below the 1.1300 to 1.1350 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1325
- Take Profit Zone: 1.0900 – 1.0950
- Stop Loss Level: 1.1500
Should price action for the EURUSD breakout above 1.1350 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1400
- Take Profit Zone: 1.1500 – 1.1550
- Stop Loss Level: 1.1300
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