26 September 2023, EUR/USD
EURUSD trading plan:
German business morale deteriorated slightly in September, falling for the fifth month in a row and underlining recession fears in the euro zone's largest economy, a fresh survey showed. The German economy is treading water. The institute's head of surveys, Klaus Wohlrabe, said a third-quarter contraction was likely, following stagnation in the second quarter. The German economy is seen at risk of sliding into its second recession in a year after shrinking in the last quarter of 2022 and the first quarter of 2023. With household real incomes set to flatline over the coming quarters, and industry and construction firms facing a sharp drop off in new orders, we expect a further fall in GDP in the fourth quarter.
Investment idea: sell 1.0615 and take profit 1.0551.
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