EUR/USD Outlook (07 May 2021)

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EUR/USD Outlook (07 May 2021)

ByJin Dao Tai

 MAY 7, 2021

EUR/USD Outlook (07 May 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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