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EUR/USD Signal - Flash Services PMI - 24 Jan 2017

Signal details
Entry Price: 
1.0740
Close Price: 
1.0732
Direction: 
Low
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 3 ratings

Flash services and manufacturing PMI data from France, Germany and the Eurozone composite services and manufacturing PMI figures will be released today. Overall, economists forecast a modest pickup in the composite PMI for the month of January which could continue to underpin the recovery in the Eurozone economy. So far, inflation in the Euro area has been rising which has increased optimism among officials at the European Central Bank that the recovery in the region is picking up steam.

The euro has also gained as a result of a weaker U.S. dollar over the past few weeks as well. In the near term, the EURUSD is expected to remain trading within 1.0700 and 1.0400. From a technical outlook it is recommended to purchase PUT options at 1.0740 – 1.0700 for a 21:00 GMT expiry time as we expect to see a near term decline in prices.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.