Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for January is predicted at 50.0. Forex traders can compare this to the Italian Markit Services PMI for December which was reported at 50.5. The Italian Markit Composite PMI for January is predicted at 49.5. Forex traders can compare this to the Italian Markit Composite PMI for December which was reported at 50.0.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for January is predicted at 47.5 Forex traders can compare this to the previous French Markit Services PMI for for January which was reported at 47.5. The Final French Markit Composite PMI for January is predicted at 47.9. Forex traders can compare this to the previous French Markit Composite PMI for for January which was reported at 47.9.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for January is predicted at 53.1. Forex traders can compare this to the previous German Markit Services PMI for for January which was reported at 53.1. The Final German Markit/BME Composite PMI for January is predicted at 52.1. Forex traders can compare this to the previous German Markit/BME Composite PMI for for January which was reported at 52.1.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for January is predicted at 50.8. Forex traders can compare this to the previous Eurozone Markit Services PMI for for January which was reported at 50.8. The Final Eurozone Markit Composite PMI for January is predicted at 50.7. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for January which was reported at 50.7.
- Eurozone Retail Sales: Eurozone Retail Sales for December are predicted to decrease by 1.6% monthly and to increase by 0.5% annualized. Forex traders can compare this to Eurozone Retail Sales for November which increased by 0.6% monthly and by 1.1% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for January is predicted at 54.2 and the US Final Markit Composite PMI is predicted at 54.5. Forex traders can compare this to the previous US Markit Services PMI for January which was reported at 54.2 and to the previous US Markit Composite PMI which was reported at 54.5.
- US IBD/TIPP Economic Optimism Index: The US IBD/TIPP Economic Optimism Index for January is predicted at 53.1. Forex traders can compare this to the US IBD/TIPP Economic Optimism Index for December which was reported at 52.3.
- 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 57.6.
Should price action for the EURUSD remain inside the or breakdown below the 1.1390 to 1.1460 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1425
- Take Profit Zone: 1.1290 – 1.1335
- Stop Loss Level: 1.1490
Should price action for the EURUSD breakout above 1.1460 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1475
- Take Profit Zone: 1.1735 – 1.1815
- Stop Loss Level: 1.1425
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