05 May 2023, EUR/USD
EURUSD trading plan:
German services sector activity grew in April at the fastest pace in a year as demand picked up, a business survey fresh showed. The HCOB services Purchasing Managers' Index rose to 56.0 from 53.7 in March, climbing further above the 50 threshold that separates growth from contraction. Demand and new orders have increased for three consecutive months, with significant growth in exports. Service providers continued to recruit additional staff to cope with the surge in demand, with job creation increasing for the second consecutive month and at the fastest pace since November 2021. The ECB’s 25-basis-point increase was the smallest since it started lifting them last summer, but the bank also signalled that more tightening would be needed to tame inflation.
Investment idea: buy 1.1011 and take profit 1.1114.
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