EUR/USD Outlook (24 September 2021)
SEP 24, 2021
Overall, EUR/USD is ranging across. Recently, EUR/USD strengthened and broke above the key level of 1.17.
The series of eurozone PMI data released yesterday indicated a slowdown in business activities amid ongoing shortages of raw materials and supply disruptions.
- French Flash Manufacturing PMI (Actual: 55.2, Forecast: 57.1, Previous: 57.5 revised from 57.3)
- French Flash Service PMI (Actual: 55.2, Forecast: 56.1, Previous: 56.3 revised from 56.4)
- German Flash Manufacturing PMI (Actual: 58.5, Forecast: 61.3, Previous: 62.6 revised from 62.7)
- German Flash Services PMI (Actual: 56.0, Forecast: 60.3, Previous: 60.8 revised from 61.5)
- Flash Manufacturing PMI (Actual: 58.7, Forecast: 60.4, Previous: 61.4 revised from 61.5)
- Flash Services PMI (Actual: 56.3, Forecast: 58.4, Previous: 59.0 revised from 59.7)
The German ifo Business Climate data (Forecast: 99.0, Previous: 99.4) will be released later at 1600 (GMT+8).
The German Federal Elections will be held this Sunday.
Currently, EUR/USD is moving towards the resistance zone of 1.17600 and the next support zone is at 1.16300.
Look for short-term selling opportunities of EUR/USD if it bounces off the resistance zone of 1.17600.
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