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Positive statistics from Germany

Positive statistics from Germany | 20 May 2020

20 May 2020, EUR/USD

Positive statistics from Germany

EURUSD trading plan:

We are expecting an uptrend to develop. German investor sentiment improved much more than expected in May as concerns about the impact of the COVID-19 pandemic on Europe's largest economy eased. The ZEW research institute said its monthly survey showed economic sentiment among investors rose to 51.0 from 28.2 in April. "Optimism is growing that there will be an economic turnaround from summer onwards," ZEW President Achim Wambach said in a statement. Investors expect the German economy to pick up pace again in the fourth quarter, Wambach said. Additional support for the Euro will be provided by a bullish rally in the commodity market. West Texas Intermediate crude rose 1%. Output cuts by the world’s largest producers are whittling down a supply glut while oil consumption is recovering as economies around the globe emerge from lockdowns.

Trading recommendation: Buy 1.0930 and take profit 1.0985.

David Johnson
Analyst of «FreshForex» company
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