EUR/USD Outlook (07 May 2021)
MAY 7, 2021
Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the support zone of 1.19700.
The eurozone Retail Sales m/m data (Actual: 2.7%, Forecast: 1.5%, Previous: 4.2% revised from 3.0%) released yesterday indicated a slowdown in consumer spending in March.
European Central Bank President Lagarde will be speaking later at 1800 (SGT). During this time, there may be volatility in EUR.
EUR/USD’s next support zone is at 1.19700 and the next resistance zone is at 1.21500.
Look for short-term buying opportunities of EUR/USD up until the release of the U.S. Nonfarm Payrolls employment report later at 2030 (SGT).
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