07 November 2023, EUR/USD
EURUSD trading plan:
The German service sector slipped back into contraction in October amid persistent weakness in demand, a survey showed. The HCOB final services Purchasing Managers' Index fell to 48.2 in October from 50.3 in September, sliding back below the 50 level that signals growth in activity. The service sector's performance continued to be undermined by a lack of incoming new work, the survey showed. The composite PMI index, which comprises services and manufacturing, fell to 45.9 in October from 46.4 in September, signalling a slightly quicker rate of contraction of private sector business activity overall.
Investment idea: sell 1.0740 and take profit 1.0650.
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