EUR/USD Outlook (24 June 2021)

#OPINIONLEADER#

ByJin Dao Tai

 JUN 24, 2021

Overall, EUR/USD is trending downwards. Recently, EUR/USD bounced off the resistance zone of 1.19700.

The French flash PMI data released yesterday indicated continued expansion of business activities amid the lifting of lockdown restrictions, allowing economic recovery to be more sustainable.

• French Flash Manufacturing PMI (Actual: 58.6, Forecast: 59.0, Previous: 59.4 revised from 59.2)
• French Flash Service PMI (Actual: 57.4, Forecast: 59.6, Previous: 56.6 revised from 50.4)

The German Flash PMI data released yesterday indicated business activities continue to expanded at a faster pace in June.

• German Flash Manufacturing PMI (Actual: 64.9, Forecast: 63.0, Previous: 64.2 revised from 64.0)
• German Flash Services PMI (Actual: 58.1, Forecast: 55.8, Previous: 52.8)

The eurozone flash PMI data released yesterday indicated business activities in June expanded at the fastest pace for 15 years.

• Flash Manufacturing PMI (Actual: 63.1, Forecast: 62.4, Previous: 63.1 revised from 62.8)
• Flash Services PMI (Actual: 58.0, Forecast: 58.1, Previous: 55.2 revised from 55.1)

The German ifo Business Climate data (Forecast: 100.8, Previous: 99.2) will be released later at 1600 (GMT+8).

Currently, EUR/USD is moving towards the resistance zone of 1.19700 and the next support zone is at 1.17900.

Look for selling opportunities of EUR/USD if it rejects the resistance zone of 1.19700.