Here is the key factor to keep in mind today for Euro trades:
- German GDP: The Final German GDP for the second-quarter increased by 0.5% quarterly and by 2.3% annualized. Economists predicted an increase of 0.5% quarterly and of 2.3% annualized. Forex traders can compare this to the previous second-quarter German GDP report which increased by 0.5% quarterly and by 2.3% annualized. Exports increased by 0.7% and Imports increased by 1.7%. Economists predicted an increase of 1.1% and of 1.5%. Forex traders can compare this to first-quarter Exports which decreased by 0.3% and to Imports which decreased by 0.2%. German Private Consumption for the second-quarter increased by 0.4% and German Domestic Demand increased by 0.9%. Economists predicted an increase of 0.6% and of 0.6%. Forex traders can compare this to first-quarter German Private Consumption which increased by 0.3% and to German Domestic Demand which increased by 0.4%. German Government Spending for the second-quarter increased by 0.6%. Economists predicted an increase of 0.6%. Forex traders can compare this to first-quarter German Government Spending which decreased by 0.3%. German Capital Investment for the second-quarter increased by 0.5% and German Construction Investment increased by 0.6%. Economists predicted an increase of 0.8% and of 1.6%. Forex traders can compare this to first-quarter German Capital Investment which increased by 1.4% and to German Construction Investment which increased by 1.6%.
Here is the key factor to keep in mind today for US Dollar trades:
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for July are predicted to decrease by 0.5% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for June which increased by 0.8% monthly and to Durables Excluding Transportation which increased by 0.2% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for July are predicted to increase by 0.5% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.3% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for June which increased by 0.2% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.7% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.1530 to 1.1560 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1565
- Take Profit Zone: 1.1940– 1.1995
- Stop Loss Level: 1.1510
Should price action for the EURUSD breakdown below 1.1530 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1510
- Take Profit Zone: 1.1300 – 1.1355
- Stop Loss Level: 1.1565
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
