Here is the key factor to keep in mind today for Euro trades:
- Eurozone Construction Output: Eurozone Construction Output for May decreased by 0.7% monthly and increased by 2.6% annualized. Forex traders can compare this to Eurozone Construction Output for April which increased by 0.3% monthly and by 3.3% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US MBA Mortgage Applications: US MBA Mortgage Applications for the week of July 14th increased by 6.3%. Forex traders can compare this to US MBA Mortgage Applications for the week of July 7th which decreased by 7.4%.
- US Housing Starts and Building Permits: US Housing Starts for June increased by 8.3% monthly to 1,215K starts and Building Permits increased by 7.4% monthly to 1,254K permits. Economists predicted an increase of 6.2% to 1,160K Housing Starts and an increase of 2.8% to 1,201K Building Permits. Forex traders can compare this to US Housing Starts for May which decreased by 2.8% monthly to 1,122K starts and to Building Permits which decreased by 4.9% monthly to 1,168K permits.
Should price action for the EURUSD remain inside the or breakout above the 1.1510 to 1.1550 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1530
- Take Profit Zone: 1.2000 – 1.2100
- Stop Loss Level: 1.1450
Should price action for the EURUSD breakdown below 1.1510 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1480
- Take Profit Zone: 1.1350 – 1.1380
- Stop Loss Level: 1.1550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.