Negative macroeconomic statistics from Germany | 24 September 2019

24 September 2019, EUR/USD

Negative macroeconomic statistics from Germany

EURUSD trading plan:

We are expecting the bearish trend to continue. German private sector activity shrank for the first time in 6 years in September. Markit's flash composite Purchasing Managers' Index which tracks the manufacturing and services sectors that together account for more than two-thirds of the economy, fell to 49.1 from 51.7 in the previous month. A sub-index measuring the manufacturing sector plunged to 41.4 - the lowest level in more than 10 years. A sub-index gauging services activity fell to 52.5 from 54.8 in the previous month. This is a negative factor for the euro!

Trading recommendation: Sell 1.0997 and take profit 1.0949.

TRADE METALS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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