Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for February increased by 0.3% monthly and by 1.6% annualized. Forex traders can compare this to the German Wholesale Price Index for January which decreased by 0.7% monthly and which increased by 1.1% annualized.
- Eurozone Final CPI: The Eurozone CPI for February is predicted to increase by 0.3% monthly. Forex traders can compare this to the Eurozone CPI for January which decreased by 1.0% monthly. The Final Eurozone CPI for February is predicted to increase by 1.5% annualized and the Final Eurozone Core CPI is predicted to increase by 1.0% annualized. Forex traders can compare this to the previous Eurozone CPI for February which increased by 1.4% annualized and to the previous Eurozone Core CPI which increased by 1.0% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Empire Manufacturing Index: The US Empire Manufacturing Index for March is predicted at 10.0. Forex traders can compare this to the US Empire Manufacturing Index for February which was reported at 8.8.
- US Industrial Production and Manufacturing Production: US Industrial Production for February is predicted to increase by 0.4% monthly and Manufacturing Production is predicted to increase by 0.2% monthly. Forex traders can compare this to US Industrial Production for January which decreased by 0.6% monthly and to Manufacturing Production which decreased by 0.9% monthly. Capacity Utilization for February is predicted at 78.5%. Forex traders can compare this to Capacity Utilization for January which was reported at 78.2%.
- US JOLTS Job Openings: US JOLTS Job Openings for January a predicted at 7.225M. Forex traders can compare this to US JOLTS Job Openings for December which were reported at 7.335M.
- US Michigan Consumer Sentiment: Preliminary US Michigan Consumer Sentiment for March is predicted at 95.3. Forex traders can compare this to US Michigan Consumer Confidence for February which was reported at 93.8. Preliminary Current Conditions for March are expected at 111.0 and Preliminary Expectations are predicted at 86.0. Forex traders can compare this to Current Conditions for February which were reported at 108.5 and to Expectations which were reported at 84.4.
Should price action for the EURUSD remain inside the or breakout above the 1.1295 to 1.1335 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1315
- Take Profit Zone: 1.1515 – 1.1570
- Stop Loss Level: 1.1270
Should price action for the EURUSD breakdown below 1.1295 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1265
- Take Profit Zone: 1.1175 – 1.1200
- Stop Loss Level: 1.1300
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
