Here is the key factor to keep in mind today for Euro trades:
- Eurozone Confidence Data: Eurozone Economic Confidence for February is predicted at 108.1. Forex traders can compare this to Eurozone Economic Confidence for January which was reported at 107.9. Eurozone Industrial Confidence for February is predicted at 1.0. Forex traders can compare this to Eurozone Industrial Confidence for January which was reported at 0.8. Eurozone Services Confidence for February is predicted at 13.3. Forex traders can compare this to Eurozone Services Confidence for January which was reported at 12.9. Final Eurozone Consumer Confidence for February is predicted at -6.2. Forex traders can compare this to the first Eurozone Consumer Confidence for February which was reported at -6.2. The Eurozone Business Climate Indicator for February is predicted at 0.79. Forex traders can compare this to Eurozone Business Climate Indicator for January which was reported at 0.77.
Here are the key factors to keep in mind today for US Dollar trades:
- US Durable Goods Orders: Preliminary US Durable Goods Orders for January are predicted to increase by 1.9% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for December which decreased by 0.5% monthly and Durables Excluding Transportation which increased by 0.5% monthly. Preliminary Capital Goods Orders Non-Defense Excluding Aircraft for January are predicted to increase by 0.5% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicated to increase by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for December which increased by 0.7% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 1.0% monthly.
- US Pending Home Sales: US Pending Home Sales for January are predicted to increase by 0.9% monthly and by 1.4% annualized. Forex traders can compare this to US Pending Home Sales for December which increased by 1.6% monthly and which decreased by 2.0% annualized.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for February is predicted at 19.4. Forex traders can compare this to the US Dallas Fed Manufacturing Index for January which was reported at 22.1.
Should price action for the EURUSD remain inside the or breakout above the 1.0550 to 1.0600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0575
- Take Profit Zone: 1.0800 – 1.0850
- Stop Loss Level: 1.0450
Should price action for the EURUSD breakdown below 1.0550 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0500
- Take Profit Zone: 1.0325 – 1.0400
- Stop Loss Level: 1.0600
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
