EUR/USD Outlook (24 September 2021)

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EUR/USD Outlook (24 September 2021)

ByJin Dao Tai

 SEP 24, 2021

EUR/USD Outlook (24 September 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: 55.2Forecast: 57.1Previous: 57.5 revised from 57.3)
  • French Flash Service PMI (Actual: 55.2Forecast: 56.1Previous: 56.3 revised from 56.4)
  • German Flash Manufacturing PMI (Actual: 58.5Forecast: 61.3Previous: 62.6 revised from 62.7)
  • German Flash Services PMI (Actual: 56.0Forecast: 60.3Previous: 60.8 revised from 61.5)
  • Flash Manufacturing PMI (Actual: 58.7Forecast: 60.4Previous: 61.4 revised from 61.5)
  • Flash Services PMI (Actual: 56.3Forecast: 58.4Previous: 59.0 revised from 59.7)

The German ifo Business Climate data (Forecast: 99.0Previous: 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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