Prior -25
- Trends selling prices 4
- Prior 0
The drop in the headline reading suggests that UK manufacturers are expecting a sharp fall in output amid concerns on the virus situation as well as Brexit-related issues that may negatively impact supply of components and materials moving forward.
The expected nw orders component fell to -17 compared to the previous reading of 0 back in October, with business optimism slumping to -22 from 0 previously as well.
Further Development
Analyzing the current trading chart of EUR/USD, I found that EUR broke the mini Pitchfork downside channel, which is early warning for the upside continuation and higher price.
Watch for buying opportunities on the pullbacks with the next major upside target at 1,2220.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lumber and Lean Hogs today and on the bottom Natural Gas and Sugar.
Key Levels:
Resistance: 1,2158 and 1,2220
Support level: 1,2115
