Here are the key factors to keep in mind today for Euro trades:
German CPI: The Final German CPI for June increased by 0.1% monthly and by 2.1% annualized. Economists predicted an increase of 0.1% monthly and of 2.1% annualized. Forex traders can compare this to the previous German CPI for June which increased by 0.1% monthly and by 2.1% annualized. Eurozone Industrial Production: Eurozone Industrial Production for May is predicted to increase by 1.2% monthly and by 2.3% annualized. Forex traders can compare this to Eurozone Industrial Production for April which decreased by 0.9% monthly and which increased by 1.7% annualized. Here are the key factors to keep in mind today for US Dollar trades:
US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of July 7th are predicted at 225K and US Continuing Claims for the week of June 30th are predicted at 1,720K. Forex traders can compare this to US Initial Jobless Claims for the week of June 30th which were reported at 231K and to US Continuing Claims for the week of June 23rd which were reported at 1,739K. US CPI and Core CPI: The US CPI for June is predicted to increase by 0.2% monthly and by 2.9% annualized. Forex traders can compare this to the US CPI for May which increased by 0.2% monthly and by 2.8% annualized. The US Core CPI for June is predicted to increase by 0.2% monthly and by 2.3% annualized. Forex traders can compare this to the US Core CPI for May which increased by 0.2% monthly by 2.2% annualized. US Monthly Budget Statement: The US Monthly Budget Statement for June is predicted at -80.0B. Forex traders can compare this to the US Monthly Budget Statement for May which was reported at -146.8B. Should price action for the EURUSD remain inside the or breakout above the 1.1650 to 1.1700 zone the following trade set-up is recommended:
Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.1685 Take Profit Zone: 1.2335 – 1.2410 Stop Loss Level: 1.1510 Should price action for the EURUSD breakdown below 1.1650 the following trade set-up is recommended:
Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.1630 Take Profit Zone: 1.1510 – 1.1560 Stop Loss Level: 1.1685
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