EUR/USD Outlook (24 August 2021)

#OPINIONLEADER#

ByJin Dao Tai

 AUG 24, 2021

Overall, EUR/USD is trending downwards. Recently, EUR/USD broke above the key level of 1.17.

The French flash PMI data released yesterday indicated that business activities continue to expand strongly in August.

• French Flash Manufacturing PMI (Actual: 57.3, Forecast: 57.1, Previous: 58.0 revised from 58.1)
• French Flash Service PMI (Actual: 56.4, Forecast: 56.2, Previous: 56.8 revised from 57.0)

The German Flash PMI data released yesterday indicated a slight slowdown in the pace of expansion of the manufacturing sector activities while the services sector continues to expand fast in August.

• German Flash Manufacturing PMI (Actual: 62.7, Forecast: 65.1, Previous: 65.9 revised from 65.6)
• German Flash Services PMI (Actual: 61.5, Forecast: 61.0, Previous: 61.8 revised from 62.2)

The eurozone flash PMI data released yesterday indicated that business activities in the eurozone remain strong in August. Furthermore, it was indicated in the PMI report that employment in the eurozone grew at a fast pace.

• Flash Manufacturing PMI (Actual: 61.5, Forecast: 62.0, Previous: 62.8 revised from 62.6)
• Flash Services PMI (Actual: 59.7, Forecast: 59.6, Previous: 59.8 revised from 60.4)

Currently, EUR/USD is moving up 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.