EUR/USD Outlook (12 May 2021)

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EURUSD TECHNICAL ANALYSIS TODAYFOREX FORECAST - ANALYSISFOREX MARKET NEWS

ByJin Dao Tai

 MAY 12, 2021

Overall, EUR/USD is trending upwards.

The eurozone and German ZEW economic sentiment data released yesterday indicated a strong improvement in the economic outlook of Germany and the eurozone amid the slowing down of the third wave of the pandemic in the eurozone.

• Eurozone ZEW Economic Sentiment (Actual: 84.0, Forecast: 68.0, Previous: 66.3)
• German ZEW Economic Sentiment (Actual: 84.4, Forecast: 72.0, Previous: 70.7)

The EU economic forecasts will be released later at 1700 (SGT).

Currently, EUR/USD is testing the resistance zone of 1.21500 and the next support zone is at 1.19700.

Look for short-term selling opportunities of EUR/USD if it rejects the resistance zone of 1.21500.