28 September 2023, EUR/USD
EURUSD trading plan:
The cyclical weakness of the German economy shouldn't be perceived as a structural problem, German Chancellor Olaf Scholz said. "It would be a serious mistake to conclude from this cyclical weakness that something is fundamentally wrong," Scholz said, blaming the slowdown of the economy on the weakening of export markets. However, he noted that Germany has benefited from globalisation like few other countries and said the country shouldn't question its export orientation. The slowdown in the European economy will be viewed negatively by traders, who will take advantage of the short-term rise in the Euro to sell the EURUSD.
Investment idea: sell 1.0533 and take profit 1.0480.
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