Here are the key factors to keep in mind today for Euro trades:
- Eurozone GDP: The Eurozone GDP for 2018 is predicted to increase by 1.5% annualized. Forex traders can compare this to the Eurozone GDP for 2017 which increased by 2.2% annualized.
- Eurozone Trade Balance: The Eurozone Trade Balance for November is predicted at €12.8B. Forex traders can compare this to the Eurozone Trade Balance for October which was reported at €12.5B.
Here are the key factors to keep in mind today for US Dollar trades:
- US Empire Manufacturing Index: The US Empire Manufacturing Index for January is predicted at 11.3. Forex traders can compare this to the US Empire Manufacturing Index for December which was reported at 10.9.
- US PPI: The US PPI for December is predicted to decrease by 0.1% monthly and to increase by 2.5% annualized. Forex traders can compare this to the US PPI for November which increased by 0.1% monthly and by 2.5% annualized. The US Core PPI for December is predicted to increase by 0.2% monthly and by 2.9% annualized. Forex traders can compare this to the US Core PPI for November which increased by 0.3% monthly and by 2.7% annualized. The US Core PPI ex Trade for December is predicted to increase by 0.2% monthly and by 2.5% annualized. Forex traders can compare this to the US Core PPI ex Trade for November which increased by 0.3% monthly and by 2.8% annualized.
Should price action for the EURUSD remain inside the or breakout above the 1.1450 to 1.1500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1480
- Take Profit Zone: 1.1755 – 1.1815
- Stop Loss Level: 1.1395
Should price action for the EURUSD breakdown below 1.1450 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1420
- Take Profit Zone: 1.1210 – 1.1270
- Stop Loss Level: 1.1480
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