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The gloomy picture

The gloomy picture | 04 June 2020

04 June 2020, EUR/USD

The gloomy picture

EURUSD trading plan:

We are expecting a downtrend to develop. Euro zone businesses suffered another devastating contraction in activity in May. IHS Markit's May Final Composite Purchasing Managers' Index painted a gloomy picture. "The scale and breadth of the euro zone downturn was highlighted by the PMI data showing all countries enduring another month of sharply falling business activity," said Chris Williamson, chief business economist at IHS Markit. ECB is widely expected to say it will expand its pandemic-driven bond fund by another 500 billion euros. This is a negative factor for the Euro!

Trading recommendation: Sell 1.1225 and take profit 1.1190.

David Johnson
Analyst of «FreshForex» company
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