ANALYSIS
NQ100 Finds Support from PPIApr 14
Sales May Consolidate in EURUSD
Recession risks for the European economy are rising. The PMI data published by London-based global information provider IHS Markit and S&P Global revealed that manufacturing activities, which is the locomotive sector of the European economy, contracted with a score of 49.6 in August. The recession further increased the concerns, making it difficult for the euro to find demand. On the other hand, 0.9900 support can be followed when the pair stretches below 0.9955 with the strong appearance of the dollar. Below this level, 0.9845 can be watched. On the other hand, the pair is unlikely to head towards a recovery path unless it permanently surpasses the 100 EMA, which points to 1.0065.
