The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, a reading above 50 indicates expansion in the sector; below indicates contraction, traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.
Frequency: Released monthly, around 3 weeks into the current month.
Last Read : 49.9
Expectations : 49.5
Volatility : High Volatility
It will be be published today at 07:30 GMT , you can follow this event live @ goo.gl/LOceky
Trend Direction : Downward
Support and resistance : 1.2485 ,1.2570, 1.2620 , 1.2705 , 1.2740 , 1.2807 , 1.2886
Recommended Strategy : Sell at resistance levels.
Forecast : we have 3 scenarios for the EURUSD :
- A reading between 49.0 : 50.0 will bring sideways move within support and resistance range , 1 level could be tested (broken) up or down !
- A reading below 49.0 is supposed to bring bearish move , 1 or 2 support level(s) could be broken .
- A reading above 50.0 is supposed to bring rebound before the next fall , 1 or 2 resistance level (s) could be tested !