Here is the key factor to keep in mind today for Euro trades:
Italian Services PMI and Composite PMI: The Italian Markit Services PMI for May is predicted at 53.0. Forex traders can compare this to the Italian Markit Services PMI for April which was reported at 52.6. The Italian Markit Composite PMI for May is predicted at 52.8. Forex traders can compare this to the Italian Markit Composite PMI for April which was reported at 52.9.
French Services PMI and Composite PMI: The Final French Markit Services PMI for May is predicted at 54.3 Forex traders can compare this to the previous French Markit Services PMI for for May which was reported at 54.3. The Final French Markit Composite PMI for May is predicted at 54.5. Forex traders can compare this to the previous French Markit Composite PMI for for May which was reported at 54.5.
German Services PMI and Composite PMI: The Final German Markit Services PMI for May is predicted at 52.1. Forex traders can compare this to the previous German Markit Services PMI for for May which was reported at 52.1. The Final German Markit/BME Composite PMI for May is predicted at 53.1. Forex traders can compare this to the previous German Markit/BME Composite PMI for for May which was reported at 53.1.
Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for May is predicted at 53.9. Forex traders can compare this to the previous Eurozone Markit Services PMI for for May which was reported at 53.9. The Final Eurozone Markit Composite PMI for May is predicted at 54.1. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for May which was reported at 54.1.
Eurozone Retail Sales: Eurozone Retail Sales for April are predicted to increase by 0.5% monthly and by 1.7% annualized. Forex traders can compare this to Eurozone Retail Sales for March which increased by 0.1% monthly and by 0.8% annualized.
Here are the key factors to keep in mind today for Japanese Yen trades:
Japanese Household Spending: Japanese Household Spending for April decreased by 1.3% annualized. Economists predicted an increase of 0.8% annualized. Forex traders can compare this to Japanese Household Spending for March which decreased by 0.7% annualized.
Japanese Nikkei Services PMI and Composite PMI: The Japanese Nikkei Services PMI for May was reported at 51.0. Forex traders can compare this to the Japanese Nikkei Services PMI for for April which was reported at 52.5. The Japanese Nikkei Composite PMI for May was reported at 51.7. Forex traders can compare this to the Japanese Nikkei Composite PMI for for April which was reported at 53.1.
Should price action for the EURJPY remain inside the or breakout above the 128.300 to 128.700 zone the following trade set-up is recommended:
Timeframe: D1
Recommendation: Long Position
Entry Level: Long Position @ 128.450
Take Profit Zone: 132.700 – 133.450
Stop Loss Level: 127.300
Should price action for the EURJPY breakdown below 128.300 the following trade set-up is recommended:
Timeframe: D1
Recommendation: Short Position
Entry Level: Short Position @ 127.700
Take Profit Zone: 124.600 – 125.000
Stop Loss Level: 128.450