25 November 2022, EUR/USD
EURUSD trading plan:
Europe's biggest economy showed signs of brushing off its energy crisis with Russia and supply chain headwinds as German business morale rose further than expected in November, according to a survey released. "The recession could prove less severe than many had expected," the Ifo institute said in a statement. The institute reported a business climate index of 86.3, higher than traders' forecast of 85.0. The improved outlook follows unexpected economic growth in the third quarter and comes as full gas storage in Germany curb fears of a supply crunch this winter. While companies were somewhat less satisfied with their current business, Ifo said, pessimism regarding the coming months reduced sharply, with an improvement seen particularly in manufacturing.
Investment idea: buy 1.0375 and take profit 1.0440.
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