Here are the key factors to keep in mind today for Euro trades:
- Eurozone M3 Money Supply: Eurozone M3 Money Supply for October increased by 3.9% annualized. Economists predicted an increase of 3.5%. Forex traders can compare this to Eurozone M3 Money Supply for September which increased by 3.5% annualized.
- German GfK Consumer Confidence Survey: The German GfK Consumer Confidence Survey for December is predicted at 10.5. Forex traders can compare this to the German GfK Consumer Confidence Survey for November which was reported at 10.6.
Here are the key factors to keep in mind today for US Dollar trades:
- US Advanced Goods Trade Balance: The US Advanced Goods Trade Balance for October is predicted at -$77.0B. Forex traders can compare this to the US Advanced Goods Trade Balance for September which was reported at -$76.3B.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for October are predicted to increase by 0.4% monthly. Forex traders can compare this to US Wholesale Inventories for September which increased by 0.4% monthly.
- US GDP: The Advanced US GDP for the third-quarter is predicted to increase by 3.5% annualized. Forex traders can compare this to the previous third-quarter GDP which increased by 3.5% annualized. Personal Consumption for the third-quarter is predicted to increase by 3.9% annualized. Forex traders can compare this to previous third-quarter Personal Consumption which increased by 4.0% annualized. The GDP Price Index for the third-quarter is predicted to increase by 1.7% annualized. Forex traders can compare this to the previous third-quarter GDP Price Index which increased by 1.7% annualized. The Core PCE for the third-quarter is predicted to increase by 1.6% annualized. Forex traders can compare this to the previous third-quarter Core PCE which increased by 1.6% annualized.
- US New Home Sales: US New Home Sales for October are predicted to increase by 4.0% monthly to 575K new homes. Forex traders can compare this to US New Home Sales for September which decreased by 5.5% monthly to 553K new homes.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for November is predicted at 15. Forex traders can compare this to the US Richmond Fed Manufacturing Index for October which was reported at 15.
Should price action for the EURUSD remain inside the or breakout above the 1.1210 to 1.1325 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1280
- Take Profit Zone: 1.1565 – 1.1620
- Stop Loss Level: 1.1210
Should price action for the EURUSD breakdown below 1.1210 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1180
- Take Profit Zone: 1.1000 – 1.1075
- Stop Loss Level: 1.1210
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
