24 November 2023, EUR/USD
EURUSD trading plan:
The downturn in euro zone business activity eased in November but remained broad based, suggesting the bloc's economy will contract again this quarter as consumers continue to rein in spending, a fresh survey showed. Last quarter the economy contracted 0.1%, official data has shown, and flash Composite Purchasing Managers' Index for November indicated the 20-country currency union is on track to do so again in the fourth quarter. Ongoing weakness in the euro zone business surveys suggests a recession is on the horizon. The manufacturing sector remains in the mire, while services continue to contract. Still, Germany's downturn showed signs of easing with both manufacturing and services activity falling more slowly than in previous months, raising hopes a recession in Europe's largest economy might be shallower than expected.
Investment idea: sell 1.0935 and take profit 1.0870.
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