Here are the key factors to keep in mind today for Euro trades:
- German Wholesale Price Index: The German Wholesale Price Index for October increased by 0.3% monthly and by 4.0% annualized. Forex traders can compare this to the German Wholesale Price Index for September which increased by 0.4% monthly and by 3.5% annualized.
- Eurozone Final CPI: The Eurozone CPI for October is predicted to increase by 0.2% monthly. Forex traders can compare this to the Eurozone CPI for September which increased by 0.5% monthly. The Final Eurozone CPI for October is predicted to increase by 2.2% annualized and the Final Eurozone Core CPI is predicted to increase by 1.1% annualized. Forex traders can compare this to the previous Eurozone CPI for October which increased by 2.1% annualized and to the previous Eurozone Core CPI which increased by 1.1% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US Industrial Production and Manufacturing Production: US Industrial Production for October is predicted to increase by 0.2% monthly and Manufacturing Production is predicted to increase by 0.2% monthly. Forex traders can compare this to US Industrial Production for September which increased by 0.3% monthly and to Manufacturing Production which increased by 0.2% monthly.Capacity Utilization for October is predicted at 78.2%. Forex traders can compare this to Capacity Utilization for September which was reported at 78.1%.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for November is predicted at 10. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for October which was reported at 8.
Should price action for the EURUSD remain inside the or breakout above the 1.1320 to 1.1370 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1350
- Take Profit Zone: 1.1600 – 1.1620
- Stop Loss Level: 1.1270
Should price action for the EURUSD breakdown below 1.1320 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1300
- Take Profit Zone: 1.1140 – 1.1160
- Stop Loss Level: 1.1350
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
