EUR/USD Outlook (30 April 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD rejected the resistance zone of 1.21500.

The German Preliminary CPI m/m data (Actual: 0.7%, Forecast: 0.5%, Previous: 0.5%) released yesterday indicated an increase in inflation in April.
The German Unemployment Change data (Actual: 9K, Forecast: -10K, Previous: -8K) released indicated an increase in unemployment.

The German Preliminary GDP q/q data (Forecast: -1.5%, Previous: 0.3% revised from 0.1%) will be released later at 1600 (SGT).

Also, the eurozone CPI, GDP and unemployment rate data will be released later at 1700 (SGT).

• CPI Flash Estimate y/y (Forecast: 1.6%, Previous 1.3%)
  
• Core CPI Flash Estimate y/y (Forecast: 0.8%, Previous 0.9%)
  
• Preliminary Flash GDP q/q (Forecast: -0.8%, Previous: -0.7%)
  
• Unemployment Rate (Forecast: 8.3%, Previous: 8.3%)
  

EUR/USD’s is moving towards the resistance zone of 1.21500 and the next support zone is at 1.19700.
Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.