EUR/USD Outlook (25 October 2021)

Overall, EUR/USD is trending downwards.

The series of flash PMI data released last Friday indicated an overall slowdown in business activities across Europe amid the ongoing supply bottlenecks.

• French Flash Manufacturing PMI (Actual: 53.5, Forecast: 53.9, Previous: 55.0 revised from 55.2)
  
• French Flash Service PMI (Actual: 56.6, Forecast: 55.6, Previous: 56.2 revised from 56.0)
  
• German Flash Manufacturing PMI (Actual: 58.2, Forecast: 56.5, Previous: 58.4 revised from 58.5)
  
• German Flash Services PMI (Actual: 52.4, Forecast: 55.2, Previous: 56.2 revised from 56.0)
  
• Flash Manufacturing PMI (Actual: 58.5, Forecast: 57.0, Previous: 58.6 revised from 58.7)
  
• Flash Services PMI (Actual: 54.7, Forecast: 55.4, Previous: 56.4 revised from 56.3)
  

The German ifo Business Climate data (Forecast: 98.2, Previous: 98.8) will be released later at 1600 (GMT+8).

Currently, EUR/USD is testing the support zone of 1.16300 and the next resistance zone is at 1.17600.
Look for short-term buying opportunities of EUR/USD if it bounces off the support zone of 1.16300.