EUR/USD Outlook (23 June 2021)

#OPINIONLEADER#

ByJin Dao Tai

 JUN 23, 2021

Overall, EUR/USD is trending downwards.

The eurozone Consumer Confidence data (Actual: -3, Forecast: -4, Previous: -5) released yesterday indicated a slight decline in the level of pessimism of the surveyed consumers on the eurozone economy.

The French flash PMI data will be released later at 1515 (SGT).

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

The German Flash PMI data will be released later at 1530 (SGT).

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

The eurozone flash PMI data will be released later at 1600 (SGT).

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

European Central Bank President Lagarde will be speaking tomorrow at 0000 (GMT+8).

During this time, there may be volatility in EUR.

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.