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The uphill battle to shake off recession

The uphill battle to shake off recession | 27 June 2023

27 June 2023, EUR/USD

EURUSD trading plan:

German business morale worsened for the second consecutive month in June, a survey showed, indicating that Europe's largest economy faces an uphill battle to shake off recession. The Ifo institute said its business climate index fell to 88.5 this month from 91.5 in May. Sentiment in the German economy has clouded over noticeably. China's weaker than hoped for economic performance since its reopening from tight COVID-19 lockdowns, a looming U.S. recession and ongoing monetary policy tightening seem to be weighing on German company sentiment. The economy faces the prospect of a longer recession as domestic demand and the expectations of exporters have both weakened.

Investment idea: sell 1.0940 and take profit 1.0866.

David Johnson
Analyst of «FreshForex» company
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