Here are the key factors to keep in mind today for Euro trades:
- German Trade Balance & German Current Account Balance: The German Trade Balance for July was reported at a €16.5B. Economists predicted a figure of €19.5B. Forex traders can compare this to German Trade Balance for June which was reported at €21.8B. Exports decreased by 0.9% monthly and Imports increased by 2.8% monthly. Economists predicted an increase of 0.3% monthly and of 0.1% monthly. Forex traders can compare this to Exports for June which increased by 0.1% monthly and to Imports which increased by 1.3% monthly. The German Current Account Balance for July was reported at a €15.3B. Economists predicted a figure of €20.0B. Forex traders can compare this to the German Current Account Balance for June which was reported at €26.2B.
- German Industrial Production: German Industrial Production for July decreased by 1.1% monthly and increased by 1.1% annualized. Economists predicted an increase of 0.2% monthly and of 2.6% annualized. Forex traders can compare this to German Industrial Production for June which decreased by 0.7% monthly and which increased by 2.7% annualized.
- Eurozone GDP: Eurozone Final GDP for the second-quarter is predicted to increase by 0.4% quarterly and by 2.2% annualized. Forex traders can compare this to the previous Eurozone GDP for the second-quarter which increased by 0.4% quarterly and by 2.2% annualized. Eurozone Household Consumption for the second-quarter is predicted to increase by 0.3% quarterly, Eurozone Government Expenditure is predicted to increase by 0.4% quarterly and Eurozone Gross Fixed Capital is predicted to increase by 1.0% quarterly. Forex traders can compare this to Eurozone Household Consumption for the first-quarter which increased by 0.5% quarterly, to Eurozone Government Expenditure which was reported flat at 0.0% quarterly and to Eurozone Gross Fixed Capital which increased by 0.5% quarterly.
Here is the key factor to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for August is predicted to show 195K job additions and an unemployment rate of 3.8%. Forex traders can compare this to the US NFP Report for July which showed 157K job additions and an unemployment rate of 3.9%. Private Payrolls for August are predicted to show 194K job additions and Manufacturing Payrolls 24K job additions. Forex traders can compare this to Private Payrolls for July which showed 170K job additions and Manufacturing Payrolls which showed 37K job additions. The Average Work Week for August is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for July which was reported at 34.5 hours. Average Hourly Earnings for August are predicted to increase by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to Average Hourly Earnings for July which increased by 0.3% monthly and by 2.7% annualized. The Labor Force Participation Rate for August is predicted at 62.9%. Forex traders can compare this to the Labor Force Participation Rate for July which was reported at 62.9%.
Should price action for the EURUSD remain inside the or breakout above the 1.1605 to 1.1660 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1640
- Take Profit Zone: 1.1955 – 1.2090
- Stop Loss Level: 1.1530
Should price action for the EURUSD breakdown below 1.1605 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1580
- Take Profit Zone: 1.1350 – 1.1395
- Stop Loss Level: 1.1640
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
