Here is the key factor to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for August was reported at 55.8. Economists predicted a figure of 54.5. Forex traders can compare this to the French Markit Manufacturing PMI for for July which was reported at 54.9. The Preliminary French Markit Services PMI for August was reported at 55.5. Economists predicted a figure of 55.8. Forex traders can compare this to the French Markit Services PMI for for July which was reported at 56.0. The Preliminary French Markit Composite PMI for July was reported at 55.6. Economists predicted a figure of 55.4. Forex traders can compare this to the French Markit Composite PMI for for July which was reported at 55.6.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for August was reported at 59.4. Economists predicted a figure of 57.6. Forex traders can compare this to the German Markit Manufacturing PMI for for July which was reported at 58.1. The Preliminary German Markit Services PMI for August was reported at 53.4. Economists predicted a figure of 53.3. Forex traders can compare this to the German Markit Services PMI for for July which was reported at 53.1. The Preliminary German Markit Composite PMI for August was reported at 55.7. Economists predicted a figure of 54.7. Forex traders can compare this to the German Markit Composite PMI for for July which was reported at 54.7.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for August was reported at 57.4. Economists predicted a figure of 56.3. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for July which was reported at 56.6. The Preliminary Eurozone Markit Services PMI for August was reported at 54.9. Economists predicted a figure of 55.4. Forex traders can compare this to the Eurozone Markit Services PMI for for July which was reported at 55.4. The Preliminary Eurozone Markit Composite PMI for August was reported at 55.8. Economists predicted a figure of 55.5. Forex traders can compare this to the Eurozone Markit Composite PMI for for July which was reported at 55.7.
- Advanced Eurozone Consumer Confidence: Advanced Eurozone Consumer Confidence for August is predicted at -1.8. Forex traders can compare this to the previous Eurozone Consumer Confidence for August which was reported at -1.7.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for March is predicted at 53.5. Forex traders can compare this to the US Markit Manufacturing PMI for February which was reported at 53.3. The Preliminary US Markit Services PMI for March is predicted at 54.9. Forex traders can compare this to the US Markit Services PMI for February which was reported at 54.7. The Preliminary US Markit Composite PMI for March is predicted at 54.8. Forex traders can compare this to the US Markit Composite PMI for February which was reported at 54.6.
- US New Home Sales: US New Home Sales for July are predicted flat at 0.0% monthly to 610K new homes. Forex traders can compare this to US New Home Sales for June which increased by 0.8% monthly to 610K new homes.
Should price action for the EURUSD remain inside the or breakout above the 1.1760 to 1.1820 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1790
- Take Profit Zone: 1.1950 – 1.2000
- Stop Loss Level: 1.1690
Should price action for the EURUSD breakdown below 1.1760 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1730
- Take Profit Zone: 1.1650 – 1.1690
- Stop Loss Level: 1.1790
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