EURUSD – Up
EURUSD trading plan:
German consumer morale is projected to nosedive further in October, hitting a new record low for the fourth consecutive month as high inflation rates and rocketing energy bills show no signs of relenting, a survey showed. The GfK institute said its consumer sentiment index fell to -42.5 heading into October, from a downwardly revised reading of -36.8 in September. Income expectations in particular contributed to the plunge in morale: that subindex was at its lowest level since the survey began collecting data for unified Germany in 1991. Any recovery in consumer sentiment would be tied to getting inflation under control, which is not foreseeable at the moment, GfK said, adding that difficult months lay ahead.
Investment idea: sell 0.9590 and take profit 0.9525.
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