Here is the key factor to keep in mind today for Euro trades:
- German Industrial Production: German German Industrial Production for August increased by 2.5% monthly and by 1.9% annualized. Economists predicted an increase of 1.0% monthly and of 0.4% annualized. Forex traders can compare this to German Industrial Production for July which decreased by 1.5% monthly and by 1.3% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for September is predicted to show 172K job additions and an unemployment rate of 4.9%. Forex traders can compare this to the US NFP Report for August which showed 151K job additions and an unemployment rate of 4.9%. Private Payrolls for September are predicted to show 170K job additions and Manufacturing Payrolls 4K job losses. Forex traders can compare this to Private Payrolls for August which showed 126K job additions and Manufacturing Payrolls which showed 14K job losses. The Average Work Week for September is predicted at 34.4 hours. Forex traders can compare this to the Average Work Week for September which was 34.3 hours. Average Hourly Earnings for September are predicted to increase by 0.3% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for August which increased by 0.1% monthly and by 2.4% annualized.
- US Wholesale Inventories and Wholesale Trade Sales: US Wholesale Inventories for August are predicted to decrease 0.1% monthly and Wholesale Trade Sales to to come in flat at 0.0% monthly. Forex traders can compare this to US Wholesale Inventories for July which decreased by 0.1% monthly and to Wholesale Trade Sales which decreased by 0.4% monthly.
- US Consumer Credit: US Consumer Credit for August is predicted at $16.500B. Forex traders can compare this to US Consumer Credit for July which was reported at $17.713B.
Should price action for the EURUSD remain inside the or breakout above the 1.1100 to 1.1150 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1125
- Take Profit Zone: 1.1375 – 1.1425
- Stop Loss Level: 1.1050
Should price action for the EURUSD breakdown below 1.1100 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1075
- Take Profit Zone: 1.0950 – 1.1000
- Stop Loss Level: 1.1150
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
