Positive macroeconomic statistics from China | 16 July 2020

EURUSD trading plan:

We are expecting an uptrend to develop. Positive macroeconomic statistics from China are forcing investors to increase their long positions. The National Bureau of Statistics said that GDP grew 3.2% year-on-year for the second quarter, beating analyst expectations of a 2.5% increase and reversing the previous quarter’s 6.8% decline. It also reported that June’s industrial production was up by 4.8% year-on-year, but retail sales were down 1.8% year-on-year. The unemployment rate was 5.7%, down from the previous month’s 5.9%. This is a positive signal for the financial markets!

Trading recommendation: Buy 1.1395 and take profit 1.1438.