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Market analysis： Overall, EUR/USD is trending upwards. Recently, EUR/USD trended higher with the release of the better than forecasted PMI data from France, Germany and the eurozone. Business activities in Germany have recovered into the expansionary levels with the strong increases in both output and new orders as well as the building of business confidence. Business activities in the eurozone recovered into the expansionary levels as well while growing at the sharpest rate for over two years with the continued reopening of economies.
-French Flash Services PMI (Actual: 57.8, Forecast: 52.3, Previous: 50.7 revised from 50.3)
-French Flash Manufacturing PMI (Actual: 52.0, Forecast: 53.1, Previous: 52.3 revised from 52.1)
-German Flash Services PMI (Actual: 56.7, Forecast: 50.4, Previous: 47.3 revised from 45.8)
-German Flash Manufacturing PMI (Actual: 50.0, Forecast: 48.0, Previous: 45.2 revised from 44.6)
-Eurozone Flash Services PMI (Actual: 55.1, Forecast: 51.0, Previous: 48.3 revised from 47.3)
-Eurozone Flash Manufacturing PMI (Actual: 51.1, Forecast: 50.0, Previous: 47.4 revised from 46.9)
EUR/USD’s next support zone is at 1.15300 and the next resistance zone is at 1.17700.
With the positive forecasts of the French, German and eurozone PMI, look for buying opportunities of EUR/USD if the released data are overall better than forecasted.
