Here are the key factors to keep in mind today for Euro trades:
Eurozone Confidence Data: Eurozone Economic Confidence for July is predicted at 112.0. Forex traders can compare this to Eurozone Economic Confidence for June which was reported at 112.3. Eurozone Industrial Confidence for July is predicted at 6.7. Forex traders can compare this to Eurozone Industrial Confidence for June which was reported at 6.9. Eurozone Services Confidence for July is predicted at 14.2. Forex traders can compare this to Eurozone Services Confidence for June which was reported at 14.4. Final Eurozone Consumer Confidence for July is predicted at -0.6. Forex traders can compare this to the previous Eurozone Consumer Confidence for July which was reported at -0.6. The Eurozone Business Climate Indicator for July is predicted at 1.35. Forex traders can compare this to Eurozone Business Climate Indicator for June which was reported at 1.39.
Preliminary German CPI: The Preliminary German CPI for July is predicted to increase by 0.4% monthly and by 2.1% annualized. Forex traders can compare this to the German CPI for June which increased by 0.1% monthly and by 2.1% annualized.
Here is the key factor to keep in mind today for Japanese Yen trades:
Japanese Retail Trade Data: Japanese Retail Trade for June increased by 1.5% monthly and by 1.8% annualized. Economists predicted an increase of 1.5% and of 1.7%. Forex traders can compare this to Japanese Retail Trade for May which decreased by 1.7% monthly and which increased by 0.6% annualized. Large Retailer’s Sales for June increased by 1.5% monthly. Economists predicted an increase of 1.6% monthly. Forex traders can compare this to Large Retailer’s Sales for May which decreased by 2.0% monthly.
Should price action for the EURJPY remain inside the or breakdown below the 129.100 to 129.700 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 129.500
Take Profit Zone: 124.600 – 125.000
Stop Loss Level: 130.250
Should price action for the EURJPY breakout above 129.700 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 130.150
Take Profit Zone: 131.450 – 132.000
Stop Loss Level: 129.500
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