EUR/USD Outlook (24 July 2020)

Overall, EUR/USD is trending upwards. Recently, EUR/USD bounced off the support zone of 1.15300.

The eurozone Consumer Confidence data (Actual: -15, Forecast: -12, Previous: -15) released yesterday indicated that the level of pessimism of consumer confidence in July remains the same as in June.

The French flash PMI data will be released later at 1515 ( SGT ).

• French Flash Services PMI (Forecast: 52.3, Previous: 50.7 revised from 50.3)
  
• French Flash Manufacturing PMI (Forecast: 53.1, Previous: 52.3 revised from 52.1)
  

The German flash PMI data will be released later at 1530 ( SGT ).

• German Flash Services PMI (Forecast: 50.4, Previous: 47.3 revised from 45.8)
  
• German Flash Manufacturing PMI (Forecast: 48.0, Previous: 45.2 revised from 44.6)
  

The eurozone flash PMI data will be released later 1600 ( SGT ).

• Eurozone Flash Services PMI (Forecast: 51.0, Previous: 48.3 revised from 47.3)
  
• Eurozone Flash Manufacturing PMI (Forecast: 50.0, Previous: 47.4 revised from 46.9)
  

EUR/USD’s next support zone is at 1.15300 and the next resistance zone is at 1.17700.
With the positive forecasts of the French, German and eurozone PMI, look for buying opportunities of EUR/USD if the released data are overall better than forecasted.