The Euro looks set to break above the psychological resistance of 1.20 for the first time since May 2018 amid relentless sell-off in the US dollar. With Germany avoiding negative inflation print in August, along with the dovish Fed policy, the odds, therefore, appear stacked in favor of a move above 1.20. On the macro front, the focus will be on the German manufacturing PMI and labor market data. If the data beat expectations then the next target for the bulls will be 1.21.
Support: 1.1950 / 1.19
Resistance: 1.20 / 1.21
