EURUSD Trade Idea (9th January 2020)

Currency Pair: EURUSD
Timeframe: H1
Date/Time of Signal: 9th January 2020 / 1430hrs (SGT)

Review:
This week, positive economic US economic dataa such as ISM Non-Manufacturing PMI and ADP Non-Farm Employment Change have strengthened the US Dollar. And Germany Factory orders m/m reported a sharp fall in industrial orders. This could possibly indicate that a bottoming out of the European manufacturing slump is anything but near.

EURUSD is on a downtrend. Previously, the price tested and bounce off the resistance level of 1.1116.

Following the trend, trade signaled to sell EURUSD (Entry: 1.1116) with 3 Take Profit (TP) Targets (TP1: 1.1096, TP2: 1.1076, TP3: 1.1056) and Stop Loss (SL) at 1.1146.