EUR/USD Outlook (18 May 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD tested and failed to break below the key level of 1.08.

The German Preliminary GDP q/q data (Actual: -2.2%, Forecast: -2.2%, Previous: -0.1% revised from 0.0%) released last Friday indicated the sharpest decline in economic growth since 1st quarter of 2009.

The eurozone Flash Employment Change q/q and Flash GDP q/q data released last Friday indicated a decline in the number of employed personal and a negative economic growth during the first quarter of 2020.

• Flash Employment Change q/q (Actual: -0.2%, Forecast: -2.0%, Previous: 0.3%)
  
• Flash GDP q/q (Actual: -3.8%, Forecast: -3.8%, Previous: -3.8%)
  

EUR/USD’s next support level is at 1.07800 and the next resistance level is at 1.09700.
Look for buying opportunities of EUR/USD.