EUR/USD Outlook (21st August 2019)

Overall, EUR/USD is trending downwards. Recently, EUR/USD has been ranging across within a 50pips range.

A series of PMI data will be released tomorrow afternoon.
French PMI data release at 1515 (SGT)

• Flash Services PMI (Forecast: 52.5, Previous: 52.6 revised from 52.2)
  
• Flash Manufacturing PMI (Forecast: 49.5, Previous: 49.7 revised from 50.0)
  

German PMI data release at 1530 (SGT)

• Flash Services PMI (Forecast: 54.1, Previous: 54.5 revised from 55.4)
  
• Flash Manufacturing PMI (Forecast: 43.1, Previous: 43.2 revised from 43.1)
  

European PMI data release at 1600 (SGT)

• Flash Services PMI (Forecast: 53.0, Previous: 53.2 revised from 53.3)
  
• Flash Manufacturing PMI (Forecast: 46.3, Previous: 46.5 revised from 46.4)
  

It is forecasted that all the PMI data will be worse than previous month’s release.
Note that all three Flash Manufacturing PMIs are below 50.0, signifying a contraction in the manufacturing industry.
If the released data are worse than or as forecasted, the Euro may weaken.

Besides, the ECB will be releasing their monetary policy meeting minutes for the July meeting at 1930 (SGT). It will be helpful to look into the minutes for any mentioning of possible easing in the monetary policy.

Currently, EUR/USD is testing the key level of 1.11000. Its next support level is at 1.10400 and the next resistance level is at 1.12400.