06 March 2023, EUR/USD
EURUSD trading plan:
The recovery in euro zone business activity gathered pace last month as growth accelerated in the bloc's dominant services industry, a survey showed, providing the latest piece of evidence suggesting the currency union will avoid a recession. S&P Global Composite Purchasing Managers' Index, seen as a good barometer of overall economic health, climbed to an eight-month high of 52.0 last month from 50.3 in January, a little shy of a 52.3 preliminary reading. February marked its second straight month above the 50-mark separating growth from contraction. "A resounding expansion of business activity in February helps allay worries of a euro zone recession, for now," said Chris Williamson, chief business economist at S&P Global.
Investment idea: buy 1.0612 and take profit 1.0687.
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