EURUSD – Up
EURUSD trading plan:
The downturn in business activity across the euro zone deepened this month, likely entering a recession as consumers rein in spending amid a cost-of-living crisis. Given the downward risks and the high degree of uncertainty, everything is pushing towards a contraction in economic activity in the eurozone over the coming quarters. Europe is headed for a tough winter as doubts about energy supply paint a bleak outlook for pick-up in economic activity. S&P Global’s flash Composite Purchasing Managers‘ Index, seen as a good gauge of overall economic health, fell to 48.2 in September from 48.9 in August. With prices on the rise again and demand falling, optimism about the coming 12 months waned.
Investment idea: sell 0.9744 and take profit 0.9675.
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