Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for November increased by 0.2% monthly and by 3.5% annualized. Forex traders can compare this to the German Wholesale Price Index for October which increased by 0.3% monthly and by 4.0% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for December is predicted at 50.7. Forex traders can compare this to the French Markit Manufacturing PMI for for November which was reported at 50.8. The Preliminary French Markit Services PMI for December is predicted at 54.8. Forex traders can compare this to the French Markit Services PMI for for November which was reported at 55.1. The Preliminary French Markit Composite PMI for December was reported at 54.0. Forex traders can compare this to the French Markit Composite PMI for for November which was reported at 54.2.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for December is predicted at 51.7. Forex traders can compare this to the German Markit Manufacturing PMI for for November which was reported at 51.8. The Preliminary German Markit Services PMI for December is predicted at 53.5. Forex traders can compare this to the German Markit Services PMI for for November which was reported at 53.3. The Preliminary German Markit Composite PMI for December is predicted at 52.4. Forex traders can compare this to the German Markit Composite PMI for for November which was reported at 52.3.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for December is predicted at 51.8. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for November which was reported at 51.8. The Preliminary Eurozone Markit Services PMI for December is predicted at 53.4. Forex traders can compare this to the Eurozone Markit Services PMI for for November which was reported at 53.4. The Preliminary Eurozone Markit Composite PMI for December is predicted at 52.8. Forex traders can compare this to the Eurozone Markit Composite PMI for for November which was reported at 52.7.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Retail Sales: US Advanced Retail Sales for November are predicted to increase by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.2% monthly. Forex traders can compare this to US Advanced Retail Sales for October which increased by 0.8% monthly and to Retail Sales Less Autos which increased by 0.7% monthly. Retail Sales Less Autos and Gas for November are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.5% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for October which increased by 0.3% monthly and to Retail Sales Control Group which increased by 0.3% monthly.
- US Industrial Production and Manufacturing Production: US Industrial Production for November is predicted to increase by 0.3% monthly and Manufacturing Production is predicted to increase by 0.3% monthly. Forex traders can compare this to US Industrial Production for October which increased by 0.1% monthly and to Manufacturing Production which increased by 0.3% monthly.Capacity Utilization for November is predicted at 78.6%. Forex traders can compare this to Capacity Utilization for October which was reported at 78.4%.
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for November is predicted at 55.1. Forex traders can compare this to the US Markit Manufacturing PMI for October which was reported at 55.3. The Preliminary US Markit Services PMI for November is predicted at 55.0. Forex traders can compare this to the US Markit Services PMI for October which was reported at 54.7.
- US Business Inventories: US Business Inventories for October are predicted to increase by 0.6% monthly. Forex traders can compare this to US Business Inventories for September which increased by 0.3% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.1330 to 1.1365 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1345
- Take Profit Zone: 1.1580 – 1.1620
- Stop Loss Level: 1.1265
Should price action for the EURUSD breakdown below 1.1330 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1315
- Take Profit Zone: 1.1120 – 1.1210
- Stop Loss Level: 1.1345
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