EUR/USD Outlook (05 August 2021)
ByJin Dao Tai
AUG 5, 2021
Overall, EUR/USD is ranging across. Recently, EUR/USD weakened and bounced down from the key level of 1.19 after the hawkish remarks on QE tapering sent out by FOMC committee members.
The eurozone Retail Sale m/m data (Actual: 1.5%, Forecast: 1.6%, Previous: 4.1% revised from 4.6%) released yesterday indicated a strong slowdown in consumer spending in June.
Currently, EUR/USD is moving towards the support zone of 1.18200 and the next resistance zone is at 1.20000.
Look for short-term selling opportunities of EUR/USD if it breaks the support zone of 1.18200.
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