Here are the key factors to keep in mind today for Euro trades:

• Eurozone Trade Balance: The Eurozone Trade Balance for July was reported at €18.6B. Economists predicted a figure of €20.3B. Forex traders can compare this to the Eurozone Trade Balance for January June was reported at €21.7B.
• Eurozone Labor Costs: Eurozone Labor Costs for the second-quarter increased by 1.8% annualized. Forex traders can compare this to Eurozone Labor Costs for the first-quarter which decreased by 1.4% annualized.

Here are the key factors to keep in mind today for US Dollar trades:

• US Empire Manufacturing Index: The US Empire Manufacturing Index for September is predicted at 18.0. Forex traders can compare this to the US Empire Manufacturing Index for August which was reported at 25.2.
• US Advanced Retail Sales: US Advanced Retail Sales for August are predicted to increase by 0.1% monthly and Retail Sales Less Autos are predicted to increase by 0.5% monthly. Forex traders can compare this to US Advanced Retail Sales for July which increased by 0.6% monthly and to Retail Sales Less Autos which increased by 0.5% monthly. Retail Sales Less Autos and Gas for August are predicted to increase by 0.3% monthly and Retail Sales Control Group are predicted to increase by 0.3% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for July which increased by 0.5% monthly and to Retail Sales Control Group which increased by 0.6% monthly.
• US Industrial Production and Manufacturing Production: US Industrial Production for August is predicted to increase by 0.1% monthly and Manufacturing Production is predicted to increase by 0.4% monthly. Forex traders can compare this to US Industrial Production for July which increased by 0.2% monthly and to Manufacturing Production which decreased by 0.1% monthly.Capacity Utilization for August is predicted at 76.8%. Forex traders can compare this to Capacity Utilization for July which was reported at 76.7%.
• US Michigan Consumer Confidence: US Michigan Consumer Confidence for September is predicted at 95.0. Forex traders can compare this to US Michigan Consumer Confidence for August which was reported at 96.8.
• US Business Inventories: US Business Inventories for July are predicted to increase by 0.2% monthly. Forex traders can compare this to US Business Inventories for June which increased by 0.5% monthly.

Should price action for the EURUSD remain inside the or breakout above the 1.1940 to 1.1970 zone the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Long Position
• Entry Level: Long Position @ 1.1955
• Take Profit Zone: 1.2285 – 1.2335
• Stop Loss Level: 1.1870

Should price action for the EURUSD breakdown below 1.1940 the following trade set-up is recommended:

• Timeframe: D1
• Recommendation: Short Position
• Entry Level: Short Position @ 1.1925
• Take Profit Zone: 1.1765 – 1.1790
• Stop Loss Level: 1.1955

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.