Here is the key factor to keep in mind today for Euro trades:

• Eurozone Construction Output: Eurozone Construction Output for May decreased by 0.7% monthly and increased by 2.6% annualized. Forex traders can compare this to Eurozone Construction Output for April which increased by 0.3% monthly and by 3.3% annualized.

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

• US MBA Mortgage Applications: US MBA Mortgage Applications for the week of July 14th increased by 6.3%. Forex traders can compare this to US MBA Mortgage Applications for the week of July 7th which decreased by 7.4%.
• US Housing Starts and Building Permits: US Housing Starts for June increased by 8.3% monthly to 1,215K starts and Building Permits increased by 7.4% monthly to 1,254K permits. Economists predicted an increase of 6.2% to 1,160K Housing Starts and an increase of 2.8% to 1,201K Building Permits. Forex traders can compare this to US Housing Starts for May which decreased by 2.8% monthly to 1,122K starts and to Building Permits which decreased by 4.9% monthly to 1,168K permits.

Should price action for the EURUSD remain inside the or breakout above the 1.1510 to 1.1550 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1530
• Take Profit Zone: 1.2000 – 1.2100
• Stop Loss Level: 1.1450

Should price action for the EURUSD breakdown below 1.1510 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1480
• Take Profit Zone: 1.1350 – 1.1380
• Stop Loss Level: 1.1550

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