Here are the key factors to keep in mind today for Euro trades:
- Final French GDP: The Preliminary French GDP for the fourth-quarter increased by 0.4% quarterly and by 1.1% annualized. Economists predicted an increase of 0.4% quarterly and by 1.2% annualized. Forex traders can compare this to the previous fourth-quarter GDP report which increased by 0.4% quarterly and by 1.2% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for March was reported at 53.4. Economists predicted a figure of 52.4. Forex traders can compare this to the French Markit Manufacturing PMI for for February which was reported at 52.2. The Preliminary French Markit Services PMI for March was reported at 58.5. Economists predicted a figure of 56.1. Forex traders can compare this to the French Markit Services PMI for for February which was reported at 56.4. The Preliminary French Markit Composite PMI for March was reported at 57.6. Economists predicted a figure of 55.9. Forex traders can compare this to the French Markit Composite PMI for for February which was reported at 55.9.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for March was reported at 58.3. Economists predicted a figure of 56.5. Forex traders can compare this to the German Markit Manufacturing PMI for for February which was reported at 56.8. The Preliminary German Markit Services PMI for March was reported at 55.6. Economists predicted a figure of 54.5. Forex traders can compare this to the German Markit Services PMI for for February which was reported at 54.4. The Preliminary German Markit Composite PMI for March was reported at 57.0. Economists predicted a figure of 56.0. Forex traders can compare this to the German Markit Composite PMI for for February which was reported at 56.1.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for March was reported at 56.2. Economists predicted a figure of 55.3. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for February which was reported at 55.4. The Preliminary Eurozone Markit Services PMI for March was reported at 56.5. Economists predicted a figure of 55.3. Forex traders can compare this to the Eurozone Markit Services PMI for for February which was reported at 55.5. The Preliminary Eurozone Markit Composite PMI for March was reported at 56.7. Economists predicted a figure of 55.8. Forex traders can compare this to the Eurozone Markit Composite PMI for for February which was reported at 56.0.
Here are the key factors to keep in mind today for US Dollar trades:
- US Durable Goods Orders: Preliminary US Durable Goods Orders for February are predicted to increase by 1.2% monthly and Durables Excluding Transportation are predicted to increase by 0.7% monthly. Forex traders can compare this to US Durable Goods Orders for January which increased by 2.0% monthly and to Durables Excluding Transportation which were reported flat at 0.0% monthly. Preliminary Capital Goods Orders Non-Defense Excluding Aircraft for February are predicted to increase by 0.6% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicated to increase by 0.1% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for January which decreased by 0.1% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft which decreased by 0.4% monthly.
- US Markit Manufacturing PMI: The Preliminary US Markit Manufacturing PMI for March is predicted at 54.7. Forex traders can compare this to the US Markit Manufacturing PMI for February which was reported at 54.2.
Should price action for the EURUSD remain inside the or breakout above the 1.0775 to 1.0825 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0800
- Take Profit Zone: 1.1100 – 1.1200
- Stop Loss Level: 1.0600
Should price action for the EURUSD breakdown below 1.0775 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0725
- Take Profit Zone: 1.0500 – 1.0550
- Stop Loss Level: 1.0825
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