EUR/USD Outlook (24th October 2019)

Overall, EUR/USD is trending upwards. Recently, EUR/USD is trending downwards.

A series of PMI mix data was released earlier on, leading to the weakening of euro.
• French Flash Services PMI at 1515 (SGT) (Actual: 52.9, Forecast: 51.6, Previous: 51.1)
• French Flash Manufacturing PMI at 1515 (SGT) (Actual: 50.5, Forecast: 50.0, Previous: 50.1)
• German Flash Services PMI at 1530 (SGT) (Actual: 51.2, Forecast: 52.0, Previous: 51.4)
• German Flash Manufacturing PMI at 1530 (SGT) (Actual: 41.9, Forecast: 42.0, Previous: 41.7)
• Eurozone Flash Services PMI at 1600 (SGT) (Actual: 51.8, Forecast: 51.9, Previous: 51.6)
• Eurozone Flash Manufacturing PMI at 1600 (SGT) (Actual: 45.7, Forecast: 46.1, Previous: 45.7)

ECB Monetary Policy Statement and its Refinancing Rate will be issued at 1945 (SGT) and ECB President Mario Draghi will present about ECB monetary policy and reply to questions at the ECD Press Conference at 2030 (SGT). Price volatility is expected during this period.

EUR/USD’s next support level is at 1.10750 and the next resistance level is at 1.12400.