Here is the key factor to keep in mind today for Euro trades:
- German IFO: The German IFO Business Climate Index for October was reported at 110.5. Economists predicted a figure of 109.6. Forex traders can compare this to the German IFO Business Climate Index for September which was reported at 109.5. The German IFO Current Assessment Index for October was reported at 115.0. Economists predicted a figure of 114.9. Forex traders can compare this to the German IFO Current Assessment Index for September which was reported at 114.7. The German IFO Expectations Index for October was reported at 106.1. Economists predicted a figure of 104.5. Forex traders can compare this to the German IFO Expectations Index for September which was reported at 104.5.
Here are the key factors to keep in mind today for US Dollar trades:
- US House Price Index: The US House Price Index for August is predicted to increase by 0.5% monthly. Forex traders can compare this to US House Price Index for July which increased by 0.5% monthly.
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for August is predicted to increase by 0.10% monthly and by 5.05% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for July which decreased by 0.01% monthly and which increased by 5.02% annualized.
- US Consumer Confidence: US Consumer Confidence for October is predicted at 101.0. Forex traders can compare this to US Consumer Confidence for September which was reported at 104.1.
- US Richmond Fed Manufacturing Index: The US Richmond Fed Manufacturing Index for October is predicted at -4. Forex traders can compare this to the US Richmond Fed Manufacturing Index for September which was reported at -8.
- US IBD/TIPP Economic Optimism Index: The US IBD/TIPP Economic Optimism Index for October is predicted at 47.5. Forex traders can compare this to the US IBD/TIPP Economic Optimism Index for September which was reported at 46.7.
Should price action for the EURUSD remain inside the or breakout above the 1.0875 to 1.0925 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0900
- Take Profit Zone: 1.1350 – 1.1400
- Stop Loss Level: 1.0800
Should price action for the EURUSD breakdown below 1.0875 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0850
- Take Profit Zone: 1.0500 – 1.0575
- Stop Loss Level: 1.0925
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