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EUR/USD Outlook (04 October 2021)

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EUR/USD Outlook (04 October 2021)

ByJin Dao Tai

 OCT 4, 2021

EUR/USD Outlook (04 October 2021)

Overall, EUR/USD is trending downwards. Recently, EUR/USD traded into the resistance zone of 1.16300.

The eurozone CPI flash estimate y/y data released last Friday indicated that annual inflation rose to a 13-year high level in September. The rise was mainly due to higher energy prices and it is expected to last throughout the upcoming winter.

  • CPI Flash Estimate y/y (Actual: 3.4%Forecast: 3.3%Previous: 3.0%)
  • Core CPI Flash Estimate y/y (Actual: 1.9%Forecast: 1.9%Previous: 1.6%)

The Eurogroup meetings will be held today. During this time, there may be volatility in EUR.

Currently, EUR/USD is testing the resistance zone of 1.16300 and the next support zone is at 1.15000.

Look for selling opportunities of EUR/USD if it bounces off the resistance zone of 1.16300.


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