Here are the key factors to keep in mind today for Euro trades:
- Final Eurozone Services PMI and Eurozone Composite PMI: The Final Eurozone Services PMI for May is predicted at 53.1 and the Final Eurozone Composite PMI is expected at 52.9. Forex traders can compare this to the first Final Eurozone Services PMI for May which was reported at 53.1 and to the first Final Eurozone Composite PMI which was reported at 52.9.
- Eurozone Retail Sales: Eurozone Retail Sales for April are predicted to increase by 0.4% monthly and by 2.1% annualized. Forex traders can compare this to Eurozone Retail Sales for March which decreased by 0.5% monthly and which increase by 2.1% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for May is predicted to show 160K job additions and an unemployment rate of 4.9%. Forex traders can compare this to the US NFP Report for April which showed 160K job additions and an unemployment rate of 5.0%. Private Payrolls for May are predicted to show 150K job additions and Manufacturing Payrolls 2K job losses. Forex traders can compare this to Private Payrolls for April which showed 174K job additions and Manufacturing Payrolls which showed 4K job additions. The Average Work Week for May is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for April which was 34.5 hours. Average Hourly Earnings for May are predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to Average Hourly Earnings for April which increased by 0.3% monthly and by 2.5% annualized.
- US ISM Non-Manufacturing PMI: US ISM Non-Manufacturing PMI for May is predicted at 55.4. Forex traders can compare this to the US ISM Non-Manufacturing PMI for April which was reported at 55.7.
- US Factory Orders: US Factory Orders for April are expected to increase by 1.8% monthly. Forex traders can compare this to US Factory Orders for Match which increased by 1.5% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.1115 to 1.1170 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1150
- Take Profit Zone: 1.1470 – 1.1530
- Stop Loss Level: 1.1075
Should price action for the EURUSD breakdown below 1.1115 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1100
- Take Profit Zone: 1.1000 – 1.1075
- Stop Loss Level: 1.1150
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
