After making six days red candle of Bearish trend finally, today, it succeeds to gets the green mark on the graph with a price of more than 1.1600.

The positive increase came after the news of Markit Manufacturing of October, which was released yesterday with the appreciating status of 58.2 indexes. This figure not only surpassed the month before data but also beyond the estimates of economists.

The Manufacturing Purchasing Managers Index (PMI) released by Markit Economics reflects business conditions in the manufacturing sector. As manufacturing occupies a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in Germany. A result above 50 is bullish for the EUR, while an outcome below 50 is bearish.

And hope that pair EURUSD might continue this progress ahead because of the news of Markit Composite and the industrial production that, with their appreciating indexes, give the strength to the currency of EURO. The highlights of these two updates are below;

The Markit Economics plans, according to the economists, to release the Markit Composite PMI that registered a reading of 54.5 on November 05, 2020. The PMI monthly Manufacturing and Services Composite Reports are focused on a large number of business executives in manufacturing and service companies in the private sector. A result above 50.0 indicates a rise (or improvement); below 50.0 indicates a decrease (or contraction).

And then, Industrial production which going to release on November 06, 2020, with the expected figure of 2.7%. Industrial production tests the productivity of factories and mines in Germany. As strength in the manufacturing sector, improvements in industrial production are commonly followed. For the EUR, a high reading suggests a positive (or bullish), whereas a low reading suggests negative (or bearish).

Conclusion

Analyzing the bearish trend for the past few consecutive days, selling the EURUSD pair around current levels could yield profits in short to medium term trading.