EUR/USD Outlook (01 November 2021)

#OPINIONLEADER#

ByJin Dao Tai

 NOV 1, 2021

Overall, EUR/USD is ranging across. Recently, EUR/USD broke the support zone of 1.16300.

The eurozone CPI flash estimate y/y data released last Friday indicated that prices in the eurozone rose to a 13-year high level driven by rising energy costs. Also, the Preliminary Flash GDP q/q data released indicated that economic growth in the third quarter remained at the same pace as in the previous quarter.

• CPI Flash Estimate y/y (Actual: 4.1%, Forecast: 3.7%, Previous: 3.4%)
• Core CPI Flash Estimate y/y (Actual: 2.1%, Forecast: 1.9%, Previous: 1.9%)
• Preliminary Flash GDP q/q (Actual: 2.2%, Forecast: 2.1%, Previous: 2.2% revised from 2.0%)

EUR/USD’s next support zone is at 1.15000 and the next resistance zone is at 1.16300.

Look for short-term selling opportunities of EUR/USD.