Home Event Germany’s export grows in May

Germany’s export grows in May

09.07.2018

Tool: EURCHF

Position: Sell

(1 ratings, average: 5,00 of 5)

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According to today’s Federal bureau of statistics data, Germany’s export in May has increased 1,8% in comparison with the previous month, and the imports has grow 0,7%. The increase of German export was followed after the order data and industrial output publication, which could signify the acceleration of the economic activity. Germany’s positive balance of foreign trade in May that takes into account correction was estimated at EUR 20,3 billion. The economists expected that the balance of foreign trade will be EUR 20 billion. In spite of this, the escalation of the trade conflict between the US and China makes EUR remian under pressure.

Let’s take a look at technical analysis for EUR/CHF.

Time M30.

5-wave structure for the purchase has been formed.

We recomend to search for short position’s opening opportunities in the entrypoint under the construction treadline.

Take-profit is set at 1.1578.

Profit target is around 30 points.

Stop loss is fixed at 1.1638.

We recomend to start breakeven at the level of 1.1584.

It is worth to remind that we open orders only if the price reaches a target point and manages to set under the construction treadline of the bearish structure. If the price fails to be fixed and takes a turn, we will look for new short position’s opening opportunities for the pair with a target to sell up to 1.1578.

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Germany’s export grows in May

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