Here are the key factors to keep in mind today for Euro trades:
- German GDP: The preliminary German GDP for the first-quarter increased by 0.6% quarterly and by 1.7% annualized. Economists predicted an increase of 0.6% quarterly and of 1.7% annualized. Forex traders can compare this to the German GDP for the fourth-quarter which increased by 0.4% quarterly and by 1.8% annualized.
- German CPI: The Final German CPI for April was reported flat at 0.0% monthly and increased by 2.0% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 2.0% annualized. Forex traders can compare this to the previous German CPI for April which was reported flat at 0.0% monthly and which increased by 2.0% annualized.
- Eurozone Industrial Production: Eurozone Industrial Production for March decreased by 0.1% monthly and increased by 1.9% annualized. Economists predicted an increase of 0.3% monthly and of 2.3% annualized. Forex traders can compare this to Eurozone Industrial Production for February which decreased by 0.1% monthly and which increased by 1.4% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US CPI: The US CPI for April is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the US CPI for March which decreased by 0.3% monthly and which increased by 2.4% annualized. The US Core CPI for April is predicted to increase by 0.2% monthly and by 2.0% annualized. Forex traders can compare this to the US Core CPI for March which decreased by 0.1% monthly and which increased by 2.0% annualized.
- US Advanced Retail Sales: US Advanced Retail Sales for April are predicted to increase by 0.6% monthly and Retail Sales Less Autos are predicted to increase by 0.5% monthly. Forex traders can compare this to US Advanced Retail Sales for March which decreased by 0.2% monthly and to Retail Sales Less Autos which were reported flat at 0.0% monthly. Retail Sales Less Autos and Gas for April are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for March which increased by 0.1% monthly and to Retail Sales Control Group which increased by 0.5% monthly.
- US Michigan Consumer Confidence: Preliminary US Michigan Consumer Confidence for May is predicted at 97.0. Forex traders can compare this to US Michigan Consumer Confidence for April which was reported at 97.0.
- US Business Inventories: US Business Inventories for March are predicted to increase by 0.1% monthly. Forex traders can compare this to US Business Inventories for February which increased by 0.3% monthly.
Should price action for the EURUSD remain inside the or breakdown below the 1.0850 to 1.0900 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0875
- Take Profit Zone: 1.0675 – 1.0725
- Stop Loss Level: 1.1025
Should price action for the EURUSD breakout above 1.0900 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0950
- Take Profit Zone: 1.1075 – 1.1125
- Stop Loss Level: 1.0850
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
