EUR/USD Outlook (03 May 2021)

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EUR/USD Outlook (03 May 2021)

ByJin Dao Tai

 MAY 3, 2021

EUR/USD Outlook (03 May 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD broke below the key level of 1.21.

The German Preliminary GDP q/q data (Actual: -1.7%Forecast: -1.5%Previous: 0.3% revised from 0.1%) released last Friday indicated negative economic growth during the first quarter of 2021.

Also, the eurozone CPI data released indicated an overall increase in annual inflation. Preliminary GDP data shows that the eurozone economy is still in contraction while the unemployment rate data indicated a slight decline in unemployment.

  • CPI Flash Estimate y/y (Actual: 1.6%Forecast: 1.6%Previous 1.3%)
  • Core CPI Flash Estimate y/y (Actual: 0.8%Forecast: 0.8%Previous 0.9%)
  • Preliminary Flash GDP q/q (Actual: -0.6%Forecast: -0.8%Previous: -0.7%)
  • Unemployment Rate (Actual: 8.1%Forecast: 8.3%Previous: 8.2% revised from 8.3%)

EUR/USD’s next support zone is at 1.19700 and the next resistance zone is at 1.21500. Look for short-term selling opportunities of EUR/USD.

Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.

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