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

• Eurozone Confidence Data: Eurozone Economic Confidence for January is predicted at 107.8. Forex traders can compare this to Eurozone Economic Confidence for December which was reported at 107.8. Eurozone Industrial Confidence for January is predicted at 0.2. Forex traders can compare this to Eurozone Industrial Confidence for December which was reported at 0.1. Eurozone Services Confidence for January is predicted at 12.7. Forex traders can compare this to Eurozone Services Confidence for December which was reported at 12.9. Final Eurozone Consumer Confidence for January is predicted at -4.9. Forex traders can compare this to the first Eurozone Consumer Confidence for January which was reported at -4.9. The Eurozone Business Climate Indicator for January is predicted at 0.80. Forex traders can compare this to Eurozone Business Climate Indicator for December which was reported at 0.79.
• Preliminary German CPI: The Preliminary German CPI for January is predicted to decrease by 0.5% monthly and to increase by 2.0% annualized. Forex traders can compare this to the German CPI for December which increased by 0.7% monthly and by 1.7% annualized.

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

• US Personal Income and Personal Spending: US Personal Income for December is predicted to increase by 0.4% monthly and Personal Spending is predicted to increase by 0.5% monthly. Forex traders can compare this to Personal Income for November which was reported flat at 0.0% monthly and to Personal Spending which increased by 0.2% monthly. Real Personal Spending for December is predicted to increase by 0.3% monthly. Forex traders can compare this to Real Personal Spending for November which increased by 0.1% monthly. The PCE Deflator for December is predicted to increase by 0.2% monthly and by 1.7% annualized. Forex traders can compare this to the PCE Deflator for November which was reported flat at 0.0% monthly and which increased by 1.4% annualized. The PCE Core Deflator for December is predicted to increase by 0.1% monthly and by 1.7% annualized. Forex traders can compare this to the PCE Core Deflator for November which was reported flat at 0.0% monthly and which increased by 1.6% annualized.
• US Pending Home Sales: US Pending Home Sales for December are predicted to increase by 1.1% monthly and by 2.0% annualized. Forex traders can compare this to US Pending Home Sales for November which decreased by 2.5% monthly and which increased by 1.4% annualized.
• US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for January is predicted at 15.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for December which was reported at 15.5.

Should price action for the EURUSD remain inside the or breakout above the 1.0675 to 1.0725 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.0700
• Take Profit Zone: 1.1100 – 1.1150
• Stop Loss Level: 1.0550

Should price action for the EURUSD breakdown below 1.0675 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.0650
• Take Profit Zone: 1.0300 – 1.0350
• Stop Loss Level: 1.0725

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