05 March 2020, EUR/USD
EURUSD trading plan:
Good and bad news for the Euro. IHS Markit's Composite Purchasing Managers' Index for the euro zone, the first key gauge of February's economic health published, nudged up to 51.6 from January's 51.3. A sub-index measuring new export business dropped to 47.5 from 49.2 and, as they have for a year, firms turned to completing backlogs of work to drive some activity. The PMI for the bloc's dominant service industry rose to 52.6 from 52.5. This is a positive signal for the European currency. America’s service industries in February enjoyed the fastest growth in a year. The Institute for Supply Management’s non-manufacturing index unexpectedly rose 1.8 points to 57.3 in January. A gauge of orders increased to the highest level since June 2018 and a measure of employment reached a seven-month high. This is a positive signal for the U.S. dollar.
Trading recommendation: range 1.1110-1.1160.
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