EUR/USD Outlook (23 February 2021)

Overall, EUR/USD is ranging across. Recently, EUR/USD trended into the resistance zone of 1.21500.

The German ifo Business Climate data (Actual: 92.4, Forecast: 90.5, Previous: 90.1) released yesterday indicated an increase in the level of optimism in the current business conditions and expectations for the next 6 months in Germany.

The eurozone final CPI y/y data will be released later at 1800 (SGT).

• Final CPI y/y (Forecast: 0.9%, Previous: 0.9%)
  
• Final Core CPI y/y (Forecast: 1.4%, Previous: 1.4%)
  

Currently, EUR/USD is testing the resistance zone of 1.21500 and the next support zone is at 1.19700.
Look for buying opportunities of EUR/USD if it breaks the resistance zone of 1.21500.