Here are the key factors to keep in mind today for Euro trades:
- French GDP: The Advanced French GDP for the fourth-quarter increased by 0.3% quarterly and by 0.9% annualized. Economists predicted an increase of 0.2% quarterly and of 0.9% annualized. Forex traders can compare this to the third-quarter GDP which increased by 0.3% quarterly and by 1.3% annualized.
- German Import Price Index: The German Import Price Index for December decreased by 1.3% monthly and increased by 1.6% annualized. Economists predicted a decrease of 0.8% monthly and an increase of 2.1% annualized. Forex traders can compare this to the German Import Price Index for November which decreased by 1.0% monthly and which increased by 3.1% annualized.
- German GfK Consumer Confidence Survey: The German GfK Consumer Confidence Survey for February was reported at 10.8. Economists predicted a figure of 10.3. Forex traders can compare this to the German GfK Consumer Confidence Survey for January which was reported at 10.4.
- Eurozone Confidence Data: Eurozone Economic Confidence for January is predicted at 106.8. Forex traders can compare this to Eurozone Economic Confidence for December which was reported at 107.3. Eurozone Industrial Confidence for January is predicted at 0.5. Forex traders can compare this to Eurozone Industrial Confidence for December which was reported at 1.1. Eurozone Services Confidence for January is predicted at 11.4. Forex traders can compare this to Eurozone Services Confidence for December which was reported at 12.0. Final Eurozone Consumer Confidence for January is predicted at -7.9. Forex traders can compare this to the previous Eurozone Consumer Confidence for January which was reported at -7.9. The Eurozone Business Climate Indicator for January is predicted at 0.77. Forex traders can compare this to Eurozone Business Climate Indicator for December which was reported at 0.82.
- Preliminary German CPI: The Preliminary German CPI for January is predicted to decrease by 0.8% monthly and to increase by 1.6% annualized. Forex traders can compare this to the German CPI for December which increased by 0.1% monthly and by 1.7% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for January is predicted at 185K. Forex traders can compare this to the US ADP Employment Change for December which was reported at 271K.
- US GDP: The Advanced US GDP for the fourth-quarter is predicted to increase by 2.6% annualized. Forex traders can compare this to the third-quarter GDP which increased by 3.4% annualized. Personal Consumption for the fourth-quarter is predicted to increase by 3.9% annualized. Forex traders can compare this to third-quarter Personal Consumption which increased by 3.5% annualized. The GDP Price Index for the fourth-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the third-quarter GDP Price Index which increased by 1.8% annualized. The Core PCE for the fourth-quarter is predicted to increase by 1.6% annualized. Forex traders can compare this to the third-quarter Core PCE which increased by 1.6% annualized.
- US Pending Home Sales: US Pending Home Sales for December are predicted to increase by 0.5% monthly and to decrease by 1.1% annualized. Forex traders can compare this to US Pending Home Sales for November which decreased by 0.7% monthly and by 7.7% annualized.
- US FOMC Interest Rate Decision: The US FOMC Interest Rate Decision is predicted to show Upper Bound interest Rates at 2.50% and Lowe Bound Interest Rates at 2.25%. Forex traders can compare this to the previous US FOMC Interest Rate Decision which showed Upper Bound interest Rates at 2.50% and Lower Bound Interest Rates at 2.25% The Interest Rate on Excess Reserves is predicted at 2.40%. Forex Traders can compare this to the previous Interest Rate on Excess Reserves which was reported at 2.40%.
Should price action for the EURUSD remain inside the or breakout above the 1.1410 to 1.1450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1435
- Take Profit Zone: 1.1540 – 1.1570
- Stop Loss Level: 1.1390
Should price action for the EURUSD breakdown below 1.1410 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1380
- Take Profit Zone: 1.1210 – 1.1260
- Stop Loss Level: 1.1435
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