Here are the key factors to keep in mind today for Euro trades:

• German IFO: The German IFO Business Climate Index for December was reported at 117.2. Economists predicted a figure of 117.6. Forex traders can compare this to the German IFO Business Climate Index for November which was reported at 117.6. The German IFO Expectations Index for December was reported at 109.5. Economists predicted a figure of 110.8. Forex traders can compare this to the German IFO Expectations Index for November which was reported at 111.0.
• Eurozone Construction Output: Eurozone Construction Output for October decreased by 0.4% monthly and increased by 2.0% annualized. Forex traders can compare this to Eurozone Construction Output for September which increased by 0.1% monthly and by 3.1% annualized.
• Eurozone Labor Costs: Eurozone Labor Costs for the third-quarter increased by 1.6% annualized. Forex traders can compare this to Eurozone Labor Costs for the second-quarter which increased by 1.8% annualized.

Here are the key factors to keep in mind today for US Dollar trades:

• US Housing Starts and Building Permits: US Housing Starts for November are predicted to decrease by 3.2% monthly to 1,249K starts and Building Permits are predicted to decrease by 3.1% monthly to 1,275K permits. Forex traders can compare this to US Housing Starts for October which increased by 13.7% monthly to 1,290K starts and Building Permits which increased by 5.9% monthly to 1,297K permits.
• US Current Account Balance: The US Current Account Balance for the third-quarter is predicted at -$116.5B. Forex traders can compare this to the US Current Account Balance for the second-quarter which was predicted at -$123.1B.

Should price action for the EURUSD remain inside the or breakout above the 1.1790 to 1.1830 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1810
• Take Profit Zone: 1.2025 – 1.2090
• Stop Loss Level: 1.1720

Should price action for the EURUSD breakdown below 1.1790 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1750
• Take Profit Zone: 1.1555 – 1.1585
• Stop Loss Level: 1.1790

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.