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 August was reported at 10.6. Economists predicted a figure of 10.7. Forex traders can compare this to the German GfK Consumer Confidence Survey for July which was reported at 10.7.
• 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. The Asset Purchase Target is predicted at €60B, for no change from the €60B reported during 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 June is predicted at -$66.6B. Forex traders can compare this to the US Advanced Goods Trade Balance for May which was reported at -$64.8B.
• US Wholesale Inventories: US Preliminary Wholesale Inventories for June are predicted to increase by 0.5% monthly. Forex traders can compare this to US Wholesale Inventories for May which increased by 0.6% monthly.
• US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of July 21st are predicted at 215K and US Continuing Claims for the week of July 14th are predicted at 1,735K. Forex traders can compare this to US Initial Jobless Claims for the week of July 14th which were reported at 207K and to US Continuing Claims for the week of June 7th which were reported at 1,751K.
• US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for June are predicted to increase by 3.0% monthly and Durables Excluding Transportation are predicted to increase by 0.5% monthly. Forex traders can compare this to US Durable Goods Orders for May which decreased by 0.4% monthly and to Durables Excluding Transportation which were reported flat at 0.0% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for June are predicted to increase by 0.5% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.4% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for May which increased by 0.3% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 0.2% monthly.
• US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for July is predicted at 25. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for June which was reported at 28.

Should price action for the EURUSD remain inside the or breakout above the 1.1700 to 1.1750 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1720
• Take Profit Zone: 1.1940– 1.1995
• Stop Loss Level: 1.1575

Should price action for the EURUSD breakdown below 1.1700 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1655
• Take Profit Zone: 1.1500 – 1.1540
• Stop Loss Level: 1.1720

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