Good and bad news | 04 September 2019

04 September 2019, EUR/USD

Good and bad news

EURUSD trading plan:

Good and bad news for EURUSD. The good news is negative macroeconomic statistics from the United States. The Institute for Supply Management said its index of national factory activity decreased in August to 49.1, the lowest since January 2016. A reading below 50 indicates contraction in manufacturing. U.S. manufacturing data showed the contraction on worries about a weakening global economy and U.S.-China trade tensions. The negative news is a bullish rally in the stock markets. The euro is the funding currency in carry trade and the euro is falling during an uptrend in stocks markets. We are expecting the continuation of the bullish trend in the US stock market and testing the level of 2944 on the #SP500 index.

Trading recommendation: range 1.0940 -1.1025

David Johnson
Analyst of «FreshForex» company
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