Here are the key factors to keep in mind today for Euro trades:
- Eurozone PPI: The Eurozone PPI for March is predicted flat at 0.0% monthly and to increase by 3.0% annualized. Forex traders can compare this to the Eurozone PPI for February which increased by 0.1% monthly and by 3.0% annualized.
- Eurozone CPI and Eurozone Core CPI: The Eurozone CPI for April is predicted to increase by 1.6% annualized and the Eurozone Core CPI is predicted to increase by 1.0% annualized. Forex traders can compare this to the Eurozone CPI for March which increased by 1.4% annualized and to the Eurozone Core CPI which increased by 0.8% annualized.
Here are the key factors to keep in mind today for British Pound trades:
- UK Markit/CIPS Services PMI and Markit/CIPS Composite PMI: The UK Markit/CIPS Services PMI for April is predicted at 50.4 and the UK Markit/CIPS Composite PMI is predicted at 50.6. Forex traders can compare this to the UK Markit/CIPS Services PMI for March which was reported at 48.9 and to the UK Markit/CIPS Composite PMI which was reported at 50.0.
- UK Official Reserve Changes: UK Official Reserve Changes for April are predicted at -£271M. Forex traders can compare this to UK Official Reserve Changes for Match which were reported at -£172M.
Should price action for the EURGBP remain inside the or breakout above the 0.8520 to 0.8600 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8570
- Take Profit Zone: 0.8770 – 0.8840
- Stop Loss Level: 0.8520
Should price action for the EURGBP breakdown below 0.8520 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8500
- Take Profit Zone: 0.8315– 0.8385
- Stop Loss Level: 0.8555
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
