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Negative macroeconomic statistics from Germany

Negative macroeconomic statistics from Germany | 04 November 2020

04 November 2020, EUR/USD

Negative macroeconomic statistics from Germany

EURUSD trading plan:

German services activity shrank for the first time in four months in October. IHS Markit's final services Purchasing Managers' Index fell to 49.5 from 50.6 in the previous month. The biggest drops were reported by hotels and restaurants, which were hit by travel curbs and local curfews in October. Transportation and storage providers also registered weaker activity. Investors are expecting the economy to stagnate or even shrink again in the fourth quarter, however, due to the new lockdown measures.

Trading recommendation: Sell 1.1700 and take profit 1.1662

David Johnson
Analyst of «FreshForex» company
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