EUR/USD Outlook (08 January 2021)

Overall, EUR/USD is trending upwards. Recently, EUR/USD broke below the key level of 1.23.

The eurozone CPI flash estimate y/y data released yesterday indicated no change in the rate of inflation from the previous month.

• CPI Flash Estimate y/y (Actual: -0.3%, Forecast: -0.2%, Previous: -0.3%)
  
• Core CPI Flash Estimate y/y (Actual: 0.2%, Forecast: 0.2%, Previous: 0.2%)
  

The eurozone unemployment rate data (Forecast: 8.5%, Previous: 8.4%) will be released later at 1800 (SGT).

EUR/USD’s next support zone is at 1.21800 and the next resistance zone is at 1.24800.
Look for short-term buying opportunities of EUR/USD.