Here is the key factor to keep in mind today for Euro trades:
- French Preliminary Markit PMI: The French Preliminary Markit Manufacturing PMI for February was reported at 52.3. Economists predicted a figure of 53.5. Forex traders can compare this to the French Markit Manufacturing PMI for January which was reported at 53.6. The French Preliminary Markit Services PMI for February was reported at 56.7. Economists predicted a figure of 53.9. Forex traders can compare this to the French Markit Services PMI for January which was reported at 54.1. The French Preliminary Markit Composite PMI for February was reported at 56.2. Economists predicted a figure of 53.8. Forex traders can compare this to the French Markit Composite PMI for January which was reported at 54.1.
- German Preliminary Markit PMI: The German Preliminary Markit Manufacturing PMI for February was reported at 57.0. Economists predicted a figure of 56.0. Forex traders can compare this to the German Markit Manufacturing PMI for January which was reported at 56.4. The German Preliminary Markit Services PMI for February was reported at 54.4. Economists predicted a figure of 53.6. Forex traders can compare this to the German Markit Services PMI for January which was reported at 53.4. The German Preliminary Markit Composite PMI for February was reported at 56.1. Economists predicted a figure of 54.8. Forex traders can compare this to the German Markit Composite PMI for January which was reported at 54.8.
- Eurozone Preliminary Markit PMI: The Eurozone Preliminary Markit Manufacturing PMI for February was reported at 55.5. Economists predicted a figure of 55.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for January which was reported at 55.2. The Eurozone Preliminary Markit Services PMI for February was reported at 55.6. Economists predicted a figure of 53.7. Forex traders can compare this to the Eurozone Markit Services PMI for January which was reported at 53.7. The Eurozone Preliminary Markit Composite PMI for February was reported at 56.0. Economists predicted a figure of 54.4. Forex traders can compare this to the Eurozone Markit Composite PMI for January which was reported at 54.4.
Here is the key factor to keep in mind today for US Dollar trades:
- US Markit Services PMI and Markit Composite PMI: The US Preliminary Markit Manufacturing PMI for February is predicted at 55.2 and the Markit Services PMI at 55.8. Forex traders can compare this to the US Markit Manufacturing PMI for January which was reported at 55.0 and to the US Markit Services PMI which was reported at 55.6.
Should price action for the EURUSD remain inside the or breakout above the 1.0500 to 1.0550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0525
- Take Profit Zone: 1.0800 – 1.0850
- Stop Loss Level: 1.0400
Should price action for the EURUSD breakdown below 1.0500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0475
- Take Profit Zone: 1.0325 – 1.0400
- Stop Loss Level: 1.0550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
