EUR/USD Outlook (04 October 2021)
ByJin Dao Tai
OCT 4, 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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