EUR/USD Outlook (03 February 2020)

Overall, EUR/USD is trending downwards. Recently, EUR/USD trended upwards into the resistance level of 1.10800.
The eurozone CPI and GDP data released last week were overall worse than forecasted.

CPI Flash Estimate y/y (Actual: 1.4%, Forecast: 1.4%, Previous: 1.3%)
Core CPI Flash Estimate y/y (Actual: 1.1%, Forecast: 1.2%, Previous: 1.3%)
Preliminary Flash GDP q/q (Actual: 0.1%, Forecast: 0.2%, Previous: 0.2%)

The eurozone final manufacturing PMI data (Forecast: 47.8, Previous: 47.8) will be released later at 1700 (SGT).
If the released data is better than (or worse than) forecasted, euro may strengthen (or weaken) respectively.
Currently, EUR/USD is testing the resistance level of 1.10800 and the next support level is at 1.09000.
Look for buying opportunities of EUR/USD if it breaks the resistance level of 1.10800.