05 January 2023, EUR/USD
EURUSD trading plan:
Euro zone business activity contracted less than initially thought at the end of last year as price pressures eased, according to a survey which suggested the bloc's recession may not be as deep as expected. S&P Global final composite Purchasing Managers' Index for the euro zone, seen as a good gauge of economic health, rose to 49.3 in December from November's 47.8, above a preliminary estimate of 48.8. While the index has been below the 50-mark separating growth from contraction since July, December was a five-month high. The final data was compiled earlier than usual last month due to the holiday season. A PMI covering the bloc's dominant services industry climbed to within a whisker of the breakeven point, registering 49.8 compared to November's 48.5. The preliminary estimate was 49.1.
Investment idea: buy 1.0570 and take profit 1.0640.
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