EUR/USD Outlook (31 January 2020)

Overall, EUR/USD is trending downwards. Recently, EUR/USD moved higher.
The eurozone unemployment rate data (Actual: 7.4%, Forecast: 7.5%, Previous: 7.5%) released yesterday was better than forecasted. The market did not respond strongly to the data.
The eurozone CPI and GDP data will be released later at 1800 (SGT).

• CPI Flash Estimate y/y (Forecast: 1.4%, Previous: 1.3%)
  
• Core CPI Flash Estimate y/y (Forecast: 1.2%, Previous: 1.3%)
  
• Preliminary Flash GDP q/q (Forecast: 0.2%, Previous: 0.2%)
  

EUR/USD’s next support level is at 1.09000 and the next resistance level is at 1.10800.
Stay out of EUR/USD for now.