Here are the key factors to keep in mind today for Euro trades:
- German Factory Orders: German Factory Orders for May increased by 1.0% monthly and by 3.7% annualized. Economists predicted an increase of 1.9% monthly and of 4.5% annualized. Forex traders can compare this to German Factory Orders for April which decreased by 2.2% monthly and which increased by 3.3% annualized.
- German Markit Construction PMI: The German Markit Construction PMI for June was reported at 55.1. Forex traders can compare this to the German Markit Construction PMI for May which was reported at 55.3.
- Eurozone Retail PMI: The Eurozone Retail PMI for June was reported at 53.2. Forex traders can compare this to the Eurozone Retail PMI for May which was reported at 52.0. The German Retail PMI for June was reported at 54.5. Forex traders can compare this to the German Retail PMI for May which was reported at 55.0. The French Retail PMI for June was reported at 56.3. Forex traders can compare this to the French Retail PMI for May which was reported at 53.3. The Italian Retail PMI for June was reported at 47.1. Forex traders can compare this to the Italian Retail PMI for May which was reported at 45.5.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for June is predicted at 185K. Forex traders can compare this to the US ADP Employment Change for May which was reported at 253K.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of July 1st are predicted at 243K and US Continuing Claims for the week of June 24th are predicted at 1,940K. Forex traders can compare this to US Initial Jobless Claims for the week of June 24th which were reported at 244K and US Continuing Claims for the week of June 17th which were reported at 1,948K.
- US Trade Balance: The US Trade Balance for May is predicted at -$46.3B. Forex traders can compare this to the US Trade Balance for April which was reported at -$47.6B.
- US Markit Services PMI and Markit Composite PMI: The US Final Markit Services PMI for June is predicted at 53.0. Forex traders can compare this to the first US Markit Services PMI for June which was reported at 53.0. The US Final Markit Composite PMI for June is predicted at 53.0. Forex traders can compare this to the first US Markit Composite PMI for June which was reported at 53.0.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for June is predicted at 56.5. Forex traders can compare this to the US ISM Non-Manufacturing PMI for May which was reported at 56.9.
Should price action for the EURUSD remain inside the or breakout above the 1.1345 to 1.1375 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1360
- Take Profit Zone: 1.1600 – 1.1650
- Stop Loss Level: 1.1245
Should price action for the EURUSD breakdown below 1.1345 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1330
- Take Profit Zone: 1.114 – 1.1175
- Stop Loss Level: 1.1375
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
