Here are the key factors to keep in mind today for Euro trades:
- German GfK Consumer Confidence Survey: The German GfK Consumer Confidence Survey for October was reported at 10.6. Economists predicted a figure of 10.5. Forex traders can compare this to the German GfK Consumer Confidence Survey for September which was reported at 10.5.
- Eurozone M3 Money Supply: Eurozone M3 Money Supply for August is predicted to increase by 3.8% annualized. Forex traders can compare this to Eurozone M3 Money Supply for July which increased by 4.0% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for September is predicted at 111.2. Forex traders can compare this to Eurozone Economic Confidence for August which was reported at 111.6. Eurozone Industrial Confidence for September is predicted at 5.1. Forex traders can compare this to Eurozone Industrial Confidence for August which was reported at 5.5. Eurozone Services Confidence for September is predicted at 14.6. Forex traders can compare this to Eurozone Services Confidence for August which was reported at 14.7. Final Eurozone Consumer Confidence for September is predicted at -2.9. Forex traders can compare this to the previous Eurozone Consumer Confidence for September which was reported at -2.9. The Eurozone Business Climate Indicator for September is predicted at 1.19. Forex traders can compare this to Eurozone Business Climate Indicator for August which was reported at 1.22.
- Preliminary German CPI: The Preliminary German CPI for September is predicted to increase by 0.1% monthly and by 2.0% annualized. Forex traders can compare this to the German CPI for August which increased by 0.1% monthly and by 2.0% annualized.
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 August is predicted at -$70.6B. Forex traders can compare this to the US Advanced Goods Trade Balance for July which was reported at -$72.2B.
- US Wholesale Inventories: US Preliminary Wholesale Inventories for August are predicted to increase by 0.3% monthly. Forex traders can compare this to US Wholesale Inventories for July which increased by 0.6% monthly.
- US GDP: The Advanced US GDP for the second-quarter is predicted to increase by 4.2% annualized. Forex traders can compare this to the the previous second-quarter GDP which increased by 4.2% annualized. Corporate Profits are predicted to increase by 2.4% annualized. Forex traders can compare this to previous second-quarter Corporate Profits which increased by 2.4% annualized. Personal Consumption is predicted to increase by 3.8% annualized. Forex traders can compare this to previous second-quarter Personal Consumption which increased by 3.8% annualized. The GDP Price Index is predicted to increase by 3.0% annualized. Forex traders can compare this to the previous second-quarter GDP Price Index which increased by 3.0% annualized. The Core PCE is predicted to increase by 2.0% annualized. Forex traders can compare this to the previous second-quarter Core PCE which increased by 2.0% annualized.
- US Preliminary Durable Goods Orders: US Preliminary Durable Goods Orders for August are predicted to increase by 1.9% monthly and Durables Excluding Transportation are predicted to increase by 0.4% monthly. Forex traders can compare this to US Durable Goods Orders for July which decreased by 1.7% monthly and to Durables Excluding Transportation which increased by 0.1% monthly. Capital Goods Orders Non-Defense Excluding Aircraft for August are predicted to increase by 0.3% monthly and Capital Goods Shipments Non-Defense Excluding Aircraft are predicted to increase by 0.5% monthly. Forex traders can compare this to Capital Goods Orders Non-Defense Excluding Aircraft for July which increased by 1.6% monthly and to Capital Goods Shipments Non-Defense Excluding Aircraft which increased by 1.0% monthly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of September 22nd are predicted at 210K and US Continuing Claims for the week of September 15th are predicted at 1,675K. Forex traders can compare this to US Initial Jobless Claims for the week of September 15th which were reported at 201K and to US Continuing Claims for the week of September 8th which were reported at 1,645K.
- US Pending Home Sales: US Pending Home Sales for August are predicted to decrease by 0.2% monthly and by 0.1% annualized. Forex traders can compare this to US Pending Home Sales for July which decreased by 0.7% monthly and by 0.5% annualized.
- US Kansas City Fed Manufacturing Activity Index: The US Kansas City Fed Manufacturing Activity Index for September is predicted at 17. Forex traders can compare this to the US Kansas City Fed Manufacturing Activity Index for August which was reported at 14.
Should price action for the EURUSD remain inside the or breakdown below the 1.1670 to 1.1735 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1700
- Take Profit Zone: 1.1525 – 1.1570
- Stop Loss Level: 1.1790
Should price action for the EURUSD breakout above 1.1735 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1765
- Take Profit Zone: 1.1850 – 1.1895
- Stop Loss Level: 1.1700
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
