Germany in recession - ISM manufacturing below 45 - SELL EUR
Hello Traders,
Manufacturing PMI is a leading indicator of when an economy enters a contraction phase, recession and expansion phase.
A result below 50 signals a contraction, a result below 45 signals a recession.
Germany has now entered a recession as they reported another weak market manufacturing PMI result of 41.4.
The EUR also reported a market manufacturing PMI result of 45.6, on recession territory.
The EURO zone is in some trouble.
We are now short on the EURJPY, short term target being 117.60, we could even see a retest of the major lows at 115.94.
If the market pushes higher we will look to sell from a higher resistance level.
Any comments or questions let us know.
www.forexstoreau.com
Manufacturing PMI is a leading indicator of when an economy enters a contraction phase, recession and expansion phase.
A result below 50 signals a contraction, a result below 45 signals a recession.
Germany has now entered a recession as they reported another weak market manufacturing PMI result of 41.4.
The EUR also reported a market manufacturing PMI result of 45.6, on recession territory.
The EURO zone is in some trouble.
We are now short on the EURJPY, short term target being 117.60, we could even see a retest of the major lows at 115.94.
If the market pushes higher we will look to sell from a higher resistance level.
Any comments or questions let us know.
www.forexstoreau.com