Positive macroeconomic statistics from the Euro zone | 31 July 2020

EURUSD trading plan:

Positive macroeconomic statistics from the Euro zone force investors to increase their long positions in the European currency. The European Commission said economic sentiment rose to 82.3 points in July from an upwardly revised 75.8 in June, beating investor’s expectations of an increase to 81.0. Selling price expectations in industry, which slumped dramatically at the start of the pandemic in March, April and May, also rose sharply in July to -1.0 from -4.4 in June. Separately, the European Union's statistics office said euro zone unemployment rose to 7.8% of the workforce in June, up from an upwardly revised 7.7% in May. This is a moderately negative signal.

Trading recommendation: Buy 1.1866 and take profit 1.1920.