Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Preliminary German GDP for the fourth-quarter increased by 0.6% quarterly and by 2.3% annualized. Economists predicted an increase of 0.6% quarterly and of 2.2% annualized. Forex traders can compare this to the German GDP report for the third-quarter which increased by 0.7% quarterly and by 2.2% annualized.
- German CPI: The Final German CPI for January decreased by 0.7% monthly and increased by 1.6% annualized. Economists predicted a decrease of 0.7% monthly and an increase of 1.6% annualized. Forex traders can compare this to the previous German CPI for January which decreased by 0.7% monthly and which increased by 1.6% annualized.
- Italian GDP: The Preliminary Italian GDP for the fourth-quarter increased by 0.3% quarterly and by 1.6% annualized. Economists predicted an increase of 0.4% quarterly and of 1.7% annualized. Forex traders can compare this to the Italian GDP for the third-quarter which increased by 0.4% quarterly and by 1.7% annualized.
- Eurozone GDP: The Preliminary Eurozone GDP for the fourth-quarter increased by 0.6% quarterly and by 2.7% annualized. Economists predicted an increase of 0.6% quarterly and of 2.7% annualized. Forex traders can compare this to the Eurozone GDP for the third-quarter which increased by 0.6% quarterly and by 2.7% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for December increased by 0.4% monthly and by 5.2% annualized. Economists predicted an increase of 0.1% monthly and of 4.2% annualized. Forex traders can compare this to Eurozone Industrial Production for November which increased by 1.3% monthly and by 3.7% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI and Core CPI: The US CPI for January is predicted to increase by 0.3% monthly and by 1.9% annualized. Forex traders can compare this to the US CPI for December which increased by 0.1% monthly and by 2.1% annualized. The US Core CPI for January is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the US Core CPI for December which increased by 0.3% monthly by 1.8% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for January are predicted to increase by 0.2% monthly and Retail Sales Less Autos are predicted to increase by 0.5% monthly. Forex traders can compare this to US Advanced Retail Sales for December which increased by 0.4% monthly and to Retail Sales Less Autos which increased by 0.4% monthly. Retail Sales Less Autos and Gas for January are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for December which increased by 0.4% monthly and to Retail Sales Control Group which increased by 0.3% monthly.
- US Business Inventories: US Business Inventories for December are predicted to increase by 0.3% monthly. Forex traders can compare this to US Business Inventories for November which increased by 0.4% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.2330 to 1.2370 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2350
- Take Profit Zone: 1.2535 – 1.2575
- Stop Loss Level: 1.2250
Should price action for the EURUSD breakdown below 1.2330 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2300
- Take Profit Zone: 1.2180– 1.2200
- Stop Loss Level: 1.2330
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
