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Positive macroeconomic statistics from Germany

Positive macroeconomic statistics from Germany | 03 June 2020

03 June 2020, EUR/USD

EURUSD trading plan:

Positive macroeconomic statistics from Germany force investors to increase their long positions in the European currency. IHS Markit's final services Purchasing Managers' Index rose to 32.6 from 16.2 in April, higher than a flash reading of 31.4. The composite PMI index, which covers both the services and manufacturing sectors, rose to 32.3 from 17.4 in April. That was higher than a flash figure of 31.4. The slower decline in activity did not stop companies from remaining downbeat about the outlook, as new business fell sharply in May, albeit at a slower pace than in the previous month.

Trading recommendation: Buy 1.1195 and take profit 1.1235.

David Johnson
Analyst of «FreshForex» company
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