Instrument: EURUSD
Bullish Preference:
A buy position is envisaged if the price trades above 1.09054 with take profit at 1.09179.
Bearish Preference:
A sell position is envisaged if the price trades below 1.08911 with take profit at 1.08775.
Fundamentals:
3:00 pm USD ISM Manufacturing PMI
Comment:
The Euro started a new week with falls against the United States Dollar, retracing some of Friday’s strong rebound, as economic data from Eurozone economies continue to disappoint. Monday has already seen the release of many Purchasing Managers Index numbers, from Europe and elsewhere. These closely-watched indicators offer a timely steer on the economic direction. Europe’s latest have been generally shaky, with Germany’s manufacturing release perhaps the most concerning. The headline figure there has been below the key 50 level separating expansion from contraction since July last year and the most recent release, for June, was sadly no exception. The PMI limped in at 40.6, its weakest for three years, with firms reporting deeper production cuts as demand continues to decline.
Analysis: SCRUM Team