In addition to the US Flash PMI, the German economy, too, is scheduled to report its industrial manufacturing performance for November.
The HIS Markit/BME is going to be released on Friday as well.
Investors hope for robust manufacturing performance to substantiate the positive GDP data from Friday, which led many to believe that the EU’s largest economy narrowly avoided entering into a technical recession.
You can read more about Germany’s quarterly Gross Domestic Data here.
As regards Friday’s manufacturing PMI report, the consensus forecasts project an increase to 42.9 points from October’s 42.1. If these expectations are fulfilled, the German industry would have expanded for a third consecutive month.
This would undoubtedly provide investors with optimism for a strong overall performance of the economy during the fourth quarter of 2019.
Germany Flash PMI Manufacturing. Image source: TradingEconomics.com
The health of the German economy is of crucial importance for the overall strength of the bloc’s central currency. And with Friday’s report, the EUR is likely to be strengthened ahead of the end of this week’s trading session.
The EURUSD is currently trading at around 1.10650, and its price appears to be consolidating below the major resistance at 1.10740.
The pair had recently formed a double top formation on the 1H chart, and it is yet to be seen how the price would behave around the aforementioned crucial resistance.
The recent bullish swing from 1.09900 to the current market price acts as a correction to the larger downtrend, which also represents as a classic Elliot Wave Pattern.
Overall, the corrective ABC swing appears to be almost exhausted, and the price can either break out above or bounce back below the 1.10740 resistance level.
EURUSD 1H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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