EUR/USD Outlook (05 February 2020)

Overall, EUR/USD is trending downwards. Recently, EUR/USD trended lower.
The eurozone final services PMI data (Forecast: 52.2, Previous: 52.2) will be released later at 1700 (SGT).
If the released data is better than (or worse than) forecasted, EUR may strengthen (or weaken).
The European Central Bank (ECB) Chairwomen Christine Lagarde will be speaking later at 2015 (SGT). Volatility is expected during that time.
EUR/USD’s next support level is at 1.10000 and the next resistance level is at 1.11800.
If the PMI data release is worse than forecasted, look for short-term selling opportunities of EUR/USD while taking note that the support level of 1.10000 is nearby.