EUR/USD Outlook (01 May 2020)

Overall, EUR/USD is ranging across. Recently, EUR/USD trended higher, breaking above the key level of 1.09.
The eurozone economic data released yesterday were overall positive. However, Eurostat reported that the decline in GDP was the sharpest since 1995.

• Preliminary Flash GDP q/q (Actual: -3.8%, Forecast: -3.7%, Previous: 0.1%)
  
• CPI Flash Estimate y/y (Actual: 0.4%, Forecast: 0.1%, Previous: 0.7%)
  
• Core CPI Flash Estimate y/y (Actual: 0.9%, Forecast: 0.7%, Previous: 0.1%)
  
• Unemployment Rate (Actual: 7.4%, Forecast: 7.7%, Previous: 7.3%)
  

The European Central Bank (ECB) kept interest rate unchanged at 0.00%. The ECB highlighted that they are ready to increase the stimulus program if necessary. Also, the central bank has further eased lending conditions for banks.
EUR/USD’s next support level is at 1.07800 and the next resistance level is at 1.10000.
Look for short-term buying opportunities of EUR/USD.