2020-08-03 17:16
Market analysisEUR/USD Outlook (03 August 2020)
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Market analysis：
Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the resistance zone of 1.19200.
The eurozone CPI flash estimate y/y data released last Friday indicated an increase in euro area annual inflation due to the continued easing of COVID-19 containment measures. However, euro area is still suffering from negative economic growth during the second quarter of 2020.
-CPI Flash Estimate y/y (Actual: 0.4%, Forecast: 0.3%, Previous: 0.3%)
-Core CPI Flash Estimate y/y (Actual: 1.2%, Forecast: 0.8%, Previous: 0.8%)
-Preliminary Flash GDP q/q (Actual: -12.1%, Forecast: -12.0%, Previous: -3.6% revised from -3.8%)
The eurozone Final Manufacturing PMI data (Forecast: 51.1, Previous: 51.1) will be released later at 1600 (SGT).
Currently, EUR/USD is testing the support zone of 1.17700 and the next resistance zone is at 1.19200.
Look for selling opportunities of EUR/USD if it breaks the support zone of 1.17700.
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EUR/USD Outlook (03 August 2020)
Singapore | 2020-08-03 17:16Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the resistance zone of 1.19200.
The eurozone CPI flash estimate y/y data released last Friday indicated an increase in euro area annual inflation due to the continued easing of COVID-19 containment measures. However, euro area is still suffering from negative economic growth during the second quarter of 2020.
-CPI Flash Estimate y/y (Actual: 0.4%, Forecast: 0.3%, Previous: 0.3%)
-Core CPI Flash Estimate y/y (Actual: 1.2%, Forecast: 0.8%, Previous: 0.8%)
-Preliminary Flash GDP q/q (Actual: -12.1%, Forecast: -12.0%, Previous: -3.6% revised from -3.8%)
The eurozone Final Manufacturing PMI data (Forecast: 51.1, Previous: 51.1) will be released later at 1600 (SGT).
Currently, EUR/USD is testing the support zone of 1.17700 and the next resistance zone is at 1.19200.
Look for selling opportunities of EUR/USD if it breaks the support zone of 1.17700.
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