EUR/USD Outlook (28 January 2020)

Overall, EUR/USD is trending downwards. Recently, EUR/USD trended lower, breaking the support level of 1.10800.
Last Thursday, the European Central Bank (ECB) kept interest rate unchanged at 0.00%.
ECB Chairwomen Christine Lagarde said that the ECB “expects interest rates to remain at their present or lower levels” until inflation level is close to their target of 2%.
Also, the ECB launched a review of its monetary policy strategy that is expected to be concluded by the end of 2020.
Last Friday, the eurozone PMI data released were mixed.

Flash Manufacturing PMI (Actual: 47.8, Forecast: 46.9, Previous: 46.3 revised from 45.9)
Flash Services PMI (Actual: 52.2, Forecast: 52.9, Previous: 52.8 revised from 52.4)

Although the eurozone manufacturing sector improved, it was still in contraction in December.
EUR/USD’s next support level is at 1.09000 and the next resistance level is at 1.10800.
Look for selling opportunities of EUR/USD.