05 февраля 2020, EUR/USD
EURUSD trading plan:
We are expecting a downtrend to develop. Euro zone producer prices fell in December on the year for the fifth consecutive month. Producer prices signal inflationary pressure early in the pipeline because, unless absorbed by intermediaries and retailers, changes are transmitted to the final consumer, impacting headline inflation. The European Central Bank wants to keep consumer inflation below, but close to 2% over the medium term. A bearish rally in the precious metals market is forcing investors to increase short positions in the European currency. Gold’s slump came after the People's Bank of China said it will inject a total of 1700 billion yuan into the money market.
Trading recommendation: Sell 1.1050 and take profit 1.1028.
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