EUR/USD Outlook (24 November 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD rejected the support zone of 1.17900.

The French flash PMI data released yesterday indicated that in November, the services sector contracted at a faster pace while the manufacturing sector fell from expansionary level into contraction as a result of the lockdown measures reimplemented in late October.

• French Flash Service PMI (Actual: 38.0, Forecast: 39.2, Previous: 46.5)
  
• French Flash Manufacturing PMI (Actual: 49.1, Forecast: 50.2, Previous: 51.3 revised from 51.0)
  

The German Flash PMI data released yesterday indicated further contraction in the services sector while the rate of expansion of the manufacturing sector slowed down slightly due to the return of lockdown measures.

• German Flash Services PMI (Actual: 46.2, Forecast: 46.1, Previous: 49.5 revised from 48.9)
  
• German Manufacturing PMI (Actual: 57.9, Forecast: 56.0, Previous: 58.2 revised from 58.0)
  

The eurozone flash PMI data released yesterday indicated a slowdown in business activities from both the manufacturing and services sectors due to the return of COVID-19 restrictions in many European countries.

• Flash Manufacturing PMI (Actual: 53.6, Forecast: 53.2, Previous: 54.8 revised from 54.4)
  
• Flash Services PMI (Actual: 41.3, Forecast: 42.2, Previous: 46.9 revised from 46.2)
  

The German ifo Business Climate data (Forecast: 90.5, Previous: 92.7) will be released later at 1700 (SGT).

EUR/USD’s next support zone is at 1.17900 and the next resistance zone of 1.19800.
Look for short-term buying opportunities of EUR/USD.