Here are the key factors to keep in mind today for Euro trades:
- German GfK Consumer Confidence Survey: The German GfK Consumer Confidence Survey for February was reported at 11.0. Economists predicted a figure of 10.8. Forex traders can compare this to the German GfK Consumer Confidence Survey for January which was reported at 10.8.
- German IFO: The German IFO Business Climate Index for January is predicted at 117.0. Forex traders can compare this to the German IFO Business Climate Index for December which was reported at 117.2. The German IFO Current Assessment Index for January is predicted at 125.3. Forex traders can compare this to the German IFO Current Assessment Index for December which was reported at 125.4. The German IFO Expectations Index for January is predicted at 109.2. Forex traders can compare this to the German IFO Expectations Index for December which was reported at 109.5.
- ECB Rate Decision: The ECB is predicted to keep its Interest Rate at 0.00%, its Deposit Facility Rate at -0.40% and its Marginal Lending Facility Rate at 0.25%; this would equal no change in the ECB rate policy from the previous meeting.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for December is predicted at -$68.6B. Forex traders can compare this to the US Advanced Goods Trade Balance for November which was reported at -$69.7B.
- US Wholesale Inventories: US Wholesale Inventories for December are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for November which increased by 0.8% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of January 20th are predicted at 235K and US Continuing Claims for the week of January 13th are predicted at 1,920K. Forex traders can compare this to US Initial Jobless Claims for the week of January 13th which were reported at 220K and US Continuing Claims for the week of January 6th which were reported at 1,952K.
- US New Home Sales: US New Home Sales for December are predicted to decrease by 7.9% monthly to 675K new homes. Forex traders can compare this to US New Home Sales for November which increased by 17.5% monthly to 733K new homes.
- US Leading Indicators: US Leading Indicators for December are predicted to increase by 0.5%. Forex traders can compare this to US Leading Indicators for November which increased by 0.4%.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for January is predicted at 14. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for December which was reported at 14.
Should price action for the EURUSD remain inside the or breakout above the 1.2385 to 1.2445 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2415
- Take Profit Zone: 1.2855 – 1.2900
- Stop Loss Level: 1.2300
Should price action for the EURUSD breakdown below 1.2385 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2345
- Take Profit Zone: 1.2165 – 1.2200
- Stop Loss Level: 1.2400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
