EUR/USD Outlook (07 July 2021)

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EUR/USD Outlook (07 July 2021)

ByJin Dao Tai

 JUL 7, 2021

EUR/USD Outlook (07 July 2021)

Overall, EUR/USD is trending downwards.

The eurozone and German ZEW Economic Sentiment data released yesterday indicated optimism from the surveyed investors and analysts on the eurozone and German economy remains high although the level has declined from the previous release.

  • ZEW Economic Sentiment (Actual: 61.2Forecast: 79.0Previous: 81.3)
  • German ZEW Economic Sentiment (Actual: 63.3Forecast: 75.0Previous: 79.8)

Also, the eurozone Retail Sales m/m data (Actual: 4.6%Forecast: 4.3%Previous: -3.1%) released indicated a strong recovery in consumer spending in May.

The quarterly EU Economic Forecasts will be released later at 1700 (GMT+8).

Currently, EUR/USD is testing the support zone of 1.18500 and the next resistance zone is at 1.20000.

Look for short-term selling opportunities of EUR/USD if it breaks the support zone of 1.18500.

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