05 October 2023, EUR/USD
EURUSD trading plan:
The euro zone economy probably shrank last quarter, according to a survey which showed demand fell in September at the fastest pace in almost three years as indebted consumers reined in spending in the face of rising borrowing costs and higher prices. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. Meanwhile, retail sales in the euro zone fell much more than expected in August, official data showed, pointing to weaker consumer demand as inflation remains high "HAPPY". The drop in retail sales in August and weakness in the final PMIs for September are consistent with our view that the euro zone economy will fall into recession in the second half of 2023.
Investment idea: sell 1.0535 and take profit 1.0435.
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