Here is the key factor to keep in mind today for Euro trades:
- Eurozone PPI: The Eurozone PPI for December is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the Eurozone PPI for November which increased by 0.6% monthly and by 2.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for January is predicted to show 180K job additions and an unemployment rate of 4.1%. Forex traders can compare this to the US NFP Report for December which showed 148K job additions and an unemployment rate of 4.1%. Private Payrolls for January are predicted to show 182K job additions and Manufacturing Payrolls 20K job additions. Forex traders can compare this to Private Payrolls for December which showed 146K job additions and Manufacturing Payrolls which showed 25K job additions. The Average Work Week for January is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for December which was reported at 34.5 hours. Average Hourly Earnings for January are predicted to increase by 0.3% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for December which increased by 0.3% monthly and by 2.5% annualized.
- US Factory Orders: US Factory Orders for December are predicted to increase by 0.9% monthly. Forex traders can compare this to US Factory Orders for November which increased by 1.3% monthly.
- US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for January is predicted at 95.0. Forex traders can compare this to the previous US Michigan Consumer Confidence for January which was reported at 94.4.
Should price action for the EURUSD remain inside the or breakdown below the 1.2485 to 1.2545 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2515
- Take Profit Zone: 1.2165 – 1.2210
- Stop Loss Level: 1.2600
Should price action for the EURUSD breakout above 1.2545 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2575
- Take Profit Zone: 1.2700 – 1.2750
- Stop Loss Level: 1.2525
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
