EUR/USD Outlook (03 January 2020)

Overall, EUR/USD is trending upwards. Recently, EUR/USD trended lower, breaking the key level of 1.12 downwards.
The eurozone final manufacturing PMI data (Actual: 46.3, Forecast: 45.9, Previous: 45.9) released yesterday was better than forecasted but the market did not react much to the data.
Currently, EUR/USD is moving towards the support level of 1.11500 and the next resistance level is at 1.12800.
Stay out of EUR/USD for now.