EUR/USD Inches Higher After Release of Markit PMI Composite

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With the euro’s dreadful downward trend in October 2020, the euro has been working tirelessly to reclaim its lost ground following the publication of key economic news, and the pair is currently trading around 1.1229.

IHS Markit Economics’ monthly purchasing managers’ index (PMI) composite reports on manufacturing and services are based on a large number of business leaders in the private sector’s manufacturing and services industries. The market PMI for this month increased to 52.8. (because it overcame the stats agreed by economists and also showed the above reading from the last month’s index that was 52).

Larger organizations’ responses have a stronger impact on the final index figures than small businesses’ responses.

The EUR/USD currency pair has degrees of help that willingly enable the pair to increase the cost. But there are several resistances ahead that might support the pair for the forward growth.

EURUSD

Moreover, the CESifo Group will release the German business sentiment index on November 24, 2021. Economists predict that it might remain 96.6 this month compared to the month before the index of 97.7.

As an early predictor of present conditions and business expectations in Germany, the German business sentiment index is extensively monitored. The institute polls over 7,000 businesses about their perceptions of the business environment and short-term plans. Positive economic growth predicts bullish euro movements, but a low reading is negative (or bearish).

Conclusion

For a short-term position, selling the EUR/USD pair may be a preferable option.

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