04 March 2021, EUR/USD
EURUSD trading plan:
The Institute for Supply Management said its non-manufacturing activity index fell to a reading of 55.3 last month from 58.7 in January, which was the highest since February 2019. A reading above 50 indicates growth in the services sector, which accounts for more than two-thirds of U.S. economic activity. Brutal winter storms lashed Texas and parts of the populous South region in mid-February, leaving millions of people without water and power. But a drop in new COVID-19 cases and an increase in vaccinations has allowed authorities to roll back some restrictions on restaurants and other consumer-facing businesses. Though the rate of decline in COVID-19 infections has stalled, economists still believe the services industry will regain speed in the spring and through summer. This is a positive signal for the dollar.
Investment idea: buy 1.2050 and take profit 1.2105.
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