25 July 2023, EUR/USD
EURUSD trading plan:
Euro zone business activity shrank much more than expected in July as demand in the bloc's dominant services industry declined while factory output fell at the fastest pace since COVID-19 first took hold, a fresh survey. The decline was broad-based with the euro zone's two biggest economies - Germany and France - both in contractionary territory and will likely add to fears the bloc will slip back into recession. The survey also indicated the European Central Bank's sustained campaign of interest rate rises is starting to take its toll on consumers and denting the services sector. The weakness was widespread across all sectors, but it was the manufacturing sector that posted another bad reading.
Investment idea: sell 1.1115 and take profit 1.1050.
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