EURUSD trading plan:
U.S. single-family home building rebounded in September, boosted by demand for new construction amid an acute housing shortage. In addition, the jump in housing starts partially recouped the decline in August. The rebound in homebuilding probably reflected permits approved several months ago before mortgage rates broke above 7%. In the very short-term, single-family construction activity is likely to increase with permits rising in every month of 2023 thus far, but at some point mortgage rates are likely to put a lid on new construction activity for home purchase. Growth in the construction market will have a positive impact on the US economy.
Investment idea: sell 1.0555 and take profit 1.0479.
Origin: FreshForex
