Short-term outlook for EURUSD is to buy

01 August 2023 158
Short-term outlook for EURUSD is to buy

A number of important eurozone economic indicators were released today.

Let's take a look at them, and see why they’re important.

 

Germany

Change in the number of unemployed: actual value (-4K) forecast value (20K);

Unemployment rate: actual value (5.6%) forecast value (5.7%);

 

Italy

Unemployment rate: actual value (7.4%) forecast value (7.7%);

Manufacturing PMI: actual value (44.5%) forecast value (44.2%);

 

France:

Manufacturing PMI: actual value (45.1%) forecast value (44.5%);

 

Thus, all published data exceeded the forecasted values. Currently, this indicates a certain stability of the eurozone economy. And such stability, in turn, is a foundation for further monetary tightening, if it takes place.

 

And this, in any case, is a short-term basis for strengthening of the European currency until the opening of the American session.

 

The outlook for the EURUSD pair is to buy with the target of 1.1020.

A Stop-loss should be placed at 1.0950.

This content is for informational purposes only and is not intended to be investing advice.

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