EURUSD – Up
EURUSD trading plan:
U.S. manufacturing pulled off a three-year low in April as new orders improved slightly and employment rebounded, but activity remained depressed amid higher borrowing costs and tighter credit, which have raised the risk of a recession this year. The ISM said its manufacturing PMI increased to 47.1 last month from 46.3 in March, which was the lowest reading since May 2020. It was the sixth straight month that the PMI remained below 50, which indicates contraction. The ISM says a PMI reading below 48.7% over a period of time generally indicates the economy is in recession.
Investment idea: buy 1.0940 and take profit 1.1040.
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