Here are the key factors to keep in mind today for Euro trades:

• Italian Services PMI and Composite PMI: The Italian Markit Services PMI for April was reported at 52.6. Economists predicted a figure of 53.0. Forex traders can compare this to the Italian Markit Services PMI for for March which was reported at 52.6. The Italian Markit Composite PMI for April was reported at 52.9. Economists predicted a figure of 53.7. Forex traders can compare this to the Italian Markit Composite PMI for for March which was reported at 53.5.
• French Services PMI and Composite PMI: The Final French Markit Services PMI for April was reported at 57.4. Economists predicted a figure of 57.4. Forex traders can compare this to the previous French Markit Services PMI for for April which was reported at 57.4. The Final French Markit Composite PMI for April was reported at 56.9. Economists predicted a figure of 56.9. Forex traders can compare this to the previous French Markit Composite PMI for for April which was reported at 56.9.
• German Services PMI and Composite PMI: The Final German Markit Services PMI for April was reported at 53.0. Economists predicted a figure of 54.1. Forex traders can compare this to the previous German Markit Services PMI for for April which was reported at 54.1. The Final German Markit/BME Composite PMI for April was reported at 54.6. Economists predicted a figure of 55.3. Forex traders can compare this to the previous German Markit/BME Composite PMI for for April which was reported at 55.3.
• Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for April was reported at 54.7. Economists predicted a figure of 55.0. Forex traders can compare this to the previous Eurozone Markit Services PMI for for April which was reported at 55.0. The Final Eurozone Markit Composite PMI for April was reported at 55.1. Economists predicted a figure of 55.2. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for April which was reported at 55.2.
• Eurozone Retail Sales: Eurozone Retail Sales for March increased by 0.1% monthly and by 0.8% annualized. Economists predicted an increase of 0.5% monthly and of 1.9% annualized. Forex traders can compare this to Eurozone Retail Sales for February which increased by 0.3% monthly and by 1.8% annualized.

Here is the key factor to keep in mind today for US Dollar trades:

• US NFP Report: The US NFP Report for April is predicted to show 193K job additions and an unemployment rate of 4.0%. Forex traders can compare this to the US NFP Report for March which showed 103K job additions and an unemployment rate of 4.1%. Private Payrolls for April are predicted to show 190K job additions and Manufacturing Payrolls 20K job additions. Forex traders can compare this to Private Payrolls for March which showed 102K job additions and Manufacturing Payrolls which showed 22K job additions. The Average Work Week for April is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for March which was reported at 34.5 hours. Average Hourly Earnings for April are predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for March which increased by 0.3% monthly and by 2.7% annualized. The Labor Force Participation Rate for April is predicted at 62.9%. Forex traders can compare this to the Labor Force Participation Rate for March which was reported at 62.9%.

Should price action for the EURUSD remain inside the or breakout above the 1.1940 to 1.2000 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1970
• Take Profit Zone: 1.2375 – 1.2415
• Stop Loss Level: 1.1915

Should price action for the EURUSD breakdown below 1.1940 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1915
• Take Profit Zone: 1.1715 – 1.1750
• Stop Loss Level: 1.2000

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