Here is the key factor to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for December increased by 1.2% monthly and by 2.8% annualized. Forex traders can compare this to the German Wholesale Price Index for November which decreased by 0.1% monthly and by 0.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US PPI: The US PPI for December is predicted to increase by 0.3% monthly and by 1.6% annualized. Forex traders can compare this to the US PPI for November which increased by 0.4% monthly and by 0.3% annualized. The US Core PPI for December is predicted to increase by 0.1% monthly and by 1.5% annualized. Forex traders can compare this to the US Core PPI for November which increased by 0.4% monthly and by 1.6% annualized. The US Core PPI excluding for December is predicted to increase by 0.2% monthly and by 1.8% annualized. Forex traders can compare this to the US Core PPI excluding trade for November which increased by 0.2% monthly and by 1.8% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for December are predicted to increase by 0.7% monthly and Retail Sales Less Autos are predicted to increase by 0.5% monthly. Forex traders can compare this to US Advanced Retail Sales for November which increased by 0.1% monthly and to Retail Sales Less Autos which increased by 0.2% monthly. Retail Sales Less Autos and Gas for December are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for November which increased by 0.2% monthly and to Retail Sales Control Group which increased by 0.1% monthly.
- US Business Inventories: US Business Inventories for November are predicted to increase by 0.5% monthly. Forex traders can compare this to US Business Inventories for October which decreased by 0.2% monthly.
- US Michigan Consumer Confidence: Preliminary US Michigan Consumer Confidence for January is predicted at 98.5. Forex traders can compare this to US Michigan Consumer Confidence for December which was reported at 98.2.
Should price action for the EURUSD remain inside the or breakout above the 1.0600 to 1.0650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0625
- Take Profit Zone: 1.1250 – 1.1325
- Stop Loss Level: 1.0400
Should price action for the EURUSD breakdown below 1.0600 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0575
- Take Profit Zone: 1.0325 – 1.0400
- Stop Loss Level: 1.0650
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
