Here is the key factor to keep in mind today for Euro trades:
- Eurozone GDP: Eurozone Final GDP for the fourth-quarter is predicted to increase by 0.6% quarterly and by 2.7% annualized. Forex traders can compare this to the previous Eurozone GDP for the fourth-quarter which increased by 0.6% quarterly and by 2.7% annualized. Eurozone Household Consumption for the fourth-quarter is predicted to increase by 0.3% quarterly, Eurozone Government Expenditure is predicted to increase by 0.3% quarterly and Eurozone Gross Fixed Capital is predicted to increase by 1.1% quarterly. Forex traders can compare this to Eurozone Household Consumption for the third-quarter which increased by 0.3% quarterly, to Eurozone Government Expenditure which increased by 0.2% quarterly and to Eurozone Gross Fixed Capital which decreased by 1.1% quarterly.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for February is predicted at 200K. Forex traders can compare this to the US ADP Employment Change for January which was reported at 234K.
- US Non-Farm Productivity and Unit Labor Costs: Final US Non-Farm Productivity for the fourth-quarter is predicted to decrease by 0.1% quarterly and Unit Labor Costs are predicted to increase by 2.1% quarterly. Forex traders can compare this to previous US Non-Farm Productivity for the fourth-quarter which decreased by 0.1% quarterly and to Unit Labor Costs which increased by 2.0% quarterly.
- US Trade Balance: The US Trade Balance for January is predicted at -$55.0B. Forex traders can compare this to the US Trade Balance for December which was reported at -$53.1B.
- US Consumer Credit: US Consumer Credit for January is predicted at $18.400B. Forex traders can compare this to US Consumer Credit for December which was reported at $18.447B.
Should price action for the EURUSD remain inside the or breakdown below the 1.2400 to 1.2450 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2425
- Take Profit Zone: 1.2090 – 1.2155
- Stop Loss Level: 1.2555
Should price action for the EURUSD breakout above 1.2450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2465
- Take Profit Zone: 1.2555 – 1.2600
- Stop Loss Level: 1.2400
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
