Here are the key factors to keep in mind today for Euro trades:
- Eurozone M3 Money Supply: Eurozone M3 Money Supply for February is predicted to increase by 3.9% annualized. Forex traders can compare this to Eurozone M3 Money Supply for January which increased by 3.8% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for March is predicted at 105.9. Forex traders can compare this to Eurozone Economic Confidence for February which was reported at 106.1. Eurozone Industrial Confidence for March is predicted at -0.5. Forex traders can compare this to Eurozone Industrial Confidence for February which was reported at -0.4. Eurozone Services Confidence for March is predicted at 12.0. Forex traders can compare this to Eurozone Services Confidence for February which was reported at 12.1. Final Eurozone Consumer Confidence for March is predicted at -7.2. Forex traders can compare this to the previous Eurozone Consumer Confidence for March which was reported at -7.24. The Eurozone Business Climate Indicator for March is predicted at 0.69. Forex traders can compare this to Eurozone Business Climate Indicator for February which was reported at 0.69.
- Preliminary German CPI: The Preliminary German CPI for March is predicted to increase by 0.6% monthly and by 1.5% annualized. Forex traders can compare this to the German CPI for February which increased by 0.4% monthly and by 1.5% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: The Advanced US GDP for the fourth-quarter is predicted to increase by 2.4% annualized. Forex traders can compare this to the previous fourth-quarter GDP which increased by 2.6% annualized. Personal Consumption for the fourth-quarter is predicted to increase by 2.6% annualized. Forex traders can compare this to previous fourth-quarter Personal Consumption which increased by 2.8% annualized. The GDP Price Index for the fourth-quarter is predicted to increase by 1.8% annualized. Forex traders can compare this to the previous fourth-quarter GDP Price Index which increased by 1.8% annualized. The Core PCE for the fourth-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the previous fourth-quarter Core PCE which increased by 1.7% annualized.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of March 23rd are predicted at 225K and US Continuing Claims for the week of March 16th are predicted at 1,750K. Forex traders can compare this to US Initial Jobless Claims for the week of March 16th which were reported at 221K and to US Continuing Claims for the week of March 9th which were reported at 1,750K.
- US Pending Home Sales: US Pending Home Sales for February are predicted flat at 0.0% monthly and to decrease by 3.7% annualized. Forex traders can compare this to US Pending Home Sales for January which increased by 4.6% monthly and which decreased by 3.2% annualized.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for March is predicted at -2. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for February which was reported at 1.
Should price action for the EURUSD remain inside the or breakout above the 1.1220 to 1.1270 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1240
- Take Profit Zone: 1.1420 – 1.1450
- Stop Loss Level: 1.1190
Should price action for the EURUSD breakdown below 1.1220 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1170
- Take Profit Zone: 1.1020 – 1.1080
- Stop Loss Level: 1.1220
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