Sell Trade EUR/JPY – German’s Composite PMI Slips to Near Four-year Low!
Arslan Butt • 1 min read
The financial markets are trading sideways due to thin trading volume. Japanese banks remained closed in the observance of Thanksgiving holiday, which is why we haven’t placed any trade yet. Let’s take a look at EUR/JPY as there is likely to be a quick opportunity in a while.
EUR/JPY – Eurozone Economic Event Disappoints
German’s Composite PMI slips to near four-year low in November causing a sudden drop in the Euro.
- French Flash Manufacturing PMI – Fell to 50.7 vs. 51.3
- German Flash Manufacturing PMI – Slipped to 51.6 vs. 52.2
- German Flash Services PMI – Plunged to 53.3 vs. 54.7
At the time of writing, the EUR/JPY has violated a strong support level of 128.750. We are opening a sell position below this level to quick target 128.38.