EUR/USD Outlook (25 January 2021)

Overall, EUR/USD is ranging across.

The French flash PMI data released last Friday indicated further contraction in the services sector while the manufacturing sector continues to expand at a similar pace as the previous month.

• French Flash Service PMI (Actual: 46.5, Forecast: 48.3, Previous: 49.1 revised from 49.2)
  
• French Flash Manufacturing PMI (Actual: 51.5, Forecast: 50.6, Previous: 51.1)
  

The German Flash PMI data released last Friday indicated further contraction in the services sector while the manufacturing sector slowed down in expansion.

• German Flash Services PMI (Actual: 46.8, Forecast: 45.1, Previous: 47.0 revised from 47.7)
  
• German Flash Manufacturing PMI (Actual: 57.0, Forecast: 57.3, Previous: 58.3 revised from 58.6)
  

The eurozone flash PMI data released last Friday indicated continued contraction in the services sector while the manufacturing sector expanded at a similar pace as the previous month.

• Flash Manufacturing PMI (Actual: 54.7, Forecast: 54.5, Previous: 55.2 revised from 55.5)
  
• Flash Services PMI (Actual: 45.0, Forecast: 44.4, Previous: 46.4 revised from 47.3)
  

European Central Bank President Lagarde will be speaking later at a virtual event at 1645 (SGT). She will also be speaking at a virtual panel discussion tomorrow at 1215 (SGT). During these times, there may be volatility in EUR.

EUR/USD’s next support zone is at 1.20750 and the next resistance zone is at 1.23170.
Look for buying opportunities of EUR/USD.