25 Agosto 2023, EUR/USD
EURUSD trading plan:
German business morale deteriorated more than expected in August, falling for the fourth month in a row, a fresh survey showed. The Ifo institute said its business climate index stood at 85.7, down from 87.4 in July. Assessments of the current situation fell to their lowest level since August 2020 and companies’ expectations for the next six months were also increasingly pessimistic. Weak new orders are the main reason for the pessimism, according to Klaus Wohlrabe, head of surveys at Ifo. Export expectations have declined further, he added. Sentiment among German managers has darkened further across all sectors, the survey showed.
Investment idea: sell 1.0810 and take profit 1.0720.
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