Here are the key factors to keep in mind today for Euro trades:
- German Import Price Index: The German Import Price Index for October increased by 0.3% monthly and decreased by 0.1% annualized. Economists predicted an increase of 0.6% monthly and a decrease of 0.8% annualized. Forex traders can compare this to the German Import Price Index for September which increased by 0.1% monthly and which decreased by 1.8% annualized.
- Preliminary French GDP: The Preliminary French GDP for the third-quarter increased by 0.2% quarterly and by 1.1% annualized. Economists predicted an increase of 0.2% quarterly and by 1.1% annualized. Forex traders can compare this to the previous GDP report which increased by 0.2% quarterly and by 1.1% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for November is predicted at 106.8. Forex traders can compare this to Eurozone Economic Confidence for October which was reported at 106.3. Eurozone Industrial Confidence for November is predicted at -0.5. Forex traders can compare this to Eurozone Industrial Confidence for October which was reported at -0.6. Eurozone Services Confidence for November is predicted at 12.5. Forex traders can compare this to Eurozone Services Confidence for October which was reported at 12.0. Final Eurozone Consumer Confidence for November is predicted at -6.1. Forex traders can compare this to the first Eurozone Consumer Confidence for November which was reported at -6.1. The Eurozone Business Climate Indicator for November is predicted at 0.60. Forex traders can compare this to Eurozone Business Climate Indicator for October which was reported at 0.55.
- Preliminary German CPI: The Preliminary German CPI for November is predicted to increase by 0.1% monthly and by 0.8% annualized. Forex traders can compare this to the German CPI for October which increased by 0.2% monthly and by 0.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US GDP: The US GDP for the third-quarter is predicted to increase by 3.0% annualized. Forex traders can compare this to the previous third-quarter GDP which increased by 2.9% annualized. Personal Consumption is predicted to increase by 2.3% annualized. Forex traders can compare this to previous third-quarter Personal Consumption which increased by 2.1% annualized. The GDP Price Index is predicted to increase by 1.5% annualized. Forex traders can compare this to previous third-quarter GDP Price Index which increased by 1.5% annualized. The Core PCE is predicted to increase by 1.7% annualized. Forex traders can compare this to previous third-quarter Core PCE which increased by 1.7% annualized.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for September is predicted to increase by 0.40% monthly and by 5.20% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for August which increased by 0.24% monthly and which increased by 5.13% annualized.
- US Consumer Confidence: US Consumer Confidence for November is predicted at 101.5. Forex traders can compare this to US Consumer Confidence for October which was reported at 98.6.
Should price action for the EURUSD remain inside the or breakout above the 1.0575 to 1.0625 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0600
- Take Profit Zone: 1.1150 – 1.1200
- Stop Loss Level: 1.0450
Should price action for the EURUSD breakdown below 1.0575 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0550
- Take Profit Zone: 1.0300 – 1.0350
- Stop Loss Level: 1.0625
Open your PaxForexTrading Account now and add this currency pair to your forex portfolio.
