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Good and bad signals | 25 October 2021

25 October 2021, EUR/USD

Good and bad signals

EURUSD trading plan:

Euro zone business activity growth slowed sharply to a six-month low in October amid increasing supply bottlenecks and ongoing COVID-19 concerns, dropping most markedly in manufacturing though also cooling in services. Survey-record price increases were meanwhile reported as firms sought to pass an unprecedented rise in costs on to customers. These worries have once again hit the consumer-facing travel, tourism and recreation sectors in particular. This is a negative signal for the European currency. A bullish rally in the oil market will have a positive impact on the value of the European currency, as assets correlate with each other. Oil bulls scored a ninth straight winning week as market attention again turned to the three-year lows in inventories at the U.S. storage hub for crude.

Investment idea: range 1.1600 – 1.1685.

David Johnson
Analyst of «FreshForex» company
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