EUR/USD Outlook (22 May 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD rejected the resistance level of 1.09700.

The flash PMI data for France, Germany and the eurozone released yesterday indicated slight improvement in business activities although business sectors are still in contraction.

• French Flash Services PMI (Actual: 29.4, Forecast: 27.9, Previous: 10.2 revised from 10.4)
  
• French Flash Manufacturing PMI (Actual: 40.3, Forecast: 36.0, Previous: 31.5)
  
• Germany Flash Services PMI (Actual: 31.4, Forecast: 26.3, Previous: 16.2 revised from 15.9)
  
• Germany Flash Manufacturing PMI (Actual: 36.8, Forecast: 39.3, Previous: 34.5 revised from 34.3)
  
• Eurozone Flash Services PMI (Actual: 28.7, Forecast: 25.0, Previous: 12.0 revised from 11.7)
  
• Eurozone Flash Manufacturing PMI (Actual: 39.5, Forecast: 38.0, Previous: 33.4 revised from 33.6)
  

EUR/USD’s next support level is at 1.07800 and the next resistance level is at 1.09700.
Look for selling opportunities of EUR/USD.