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

• Italian Services PMI and Composite PMI: The Italian Markit/ADACI Services PMI for January was reported at 52.4. Economists predicted a figure of 52.5. Forex traders can compare this to the Italian Markit/ADACI Services PMI for for December which was reported at 52.3. The Italian Markit/ADACI Composite PMI for January was reported at 52.8. Economists predicted a figure of 53.0. Forex traders can compare this to the Italian Markit/ADACI Composite PMI for for December which was reported at 52.9.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for January was reported at 54.1. Economists predicted a figure of 53.9. Forex traders can compare this to the previous French Markit Services PMI for for January which was reported at 53.9. The Final French Markit Composite PMI for January was reported at 54.1. Economists predicted a figure of 53.8. Forex traders can compare this to the previous French Markit Composite PMI for for January which was reported at 53.8.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for January was reported at 53.4. Economists predicted a figure of 53.2. Forex traders can compare this to the previous German Markit Services PMI for for January which was reported at 53.2. The Final German Markit/BME Composite PMI for January was reported at 54.8. Economists predicted a figure of 54.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for January which was reported at 54.7.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for January was reported at 53.7. Economists predicted a figure of 53.6. Forex traders can compare this to the previous Eurozone Markit Services PMI for for January which was reported at 53.6. The Final Eurozone Markit Composite PMI for January was reported at 54.4. Economists predicted a figure of 54.3. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for January which was reported at 54.3.
• Eurozone Retail Sales: Eurozone Retail Sales for December decreased by 0.3% monthly and by 0.3% annualized. Economists predicted an increase of 0.3% monthly and of 1.8% annualized. Forex traders can compare this to Eurozone Retail Sales for November which decreased by 0.6% monthly and which increased by 2.5% 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 175K job additions and an unemployment rate of 4.7%. Forex traders can compare this to the US NFP Report for December which showed 156K job additions and an unemployment rate of 4.7%. Private Payrolls for January are predicted to show 168K job additions and Manufacturing Payrolls 4K job additions. Forex traders can compare this to Private Payrolls for December which showed 144K job additions and Manufacturing Payrolls which showed 17K job additions. The Average Work Week for January is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for December which was 34.3 hours. Average Hourly Earnings for January are predicted to increase by 0.3% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for December which increased by 0.4% monthly and by 2.9% annualized.
• US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for January is predicted at 57.0. Forex traders can compare this to the US ISM Non-Manufacturing PMI for December which was reported at 57.2.
• US Factory Orders: US Factory Orders for December are predicted to increase by 1.0% monthly. Forex traders can compare this to US Factory Orders for November which decreased by 2.4% monthly.

Should price action for the EURUSD remain inside the or breakout above the 1.0725 to 1.0775 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.0750
• Take Profit Zone: 1.1150 – 1.1200
• Stop Loss Level: 1.0600

Should price action for the EURUSD breakdown below 1.0725 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.0675
• Take Profit Zone: 1.0325 – 1.0400
• Stop Loss Level: 1.0775

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