02 December 2022, EUR/USD
EURUSD trading plan:
The downturn in manufacturing activity across the euro zone eased in November, according to a survey which suggests while the bloc's factories still face a harsh winter it may not be as bad as initially feared. An index measuring output, which feeds into a composite PMI due on Monday and seen as a good guide to economic health, rose to 46.0 from 43.8, marking its sixth month of sub-50 readings. The PMI signals some welcome moderation in the intensity of the euro zone manufacturing downturn in November, which will support hopes that the region many not be facing a winter downturn as severe as previously anticipated by many. However, there were some signs inflationary pressures were easing, likely welcome news to policymakers at the European Central Bank. While remaining high, both the input and output prices indexes dropped substantially.
Investment idea: buy 1.0470 and take profit 1.0555.
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