The EURUSD pair is facing difficulty in maintaining its position above the 1.1000 level on Tuesday.
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- EUR/USD struggles to hold ground above the 1.1000 barrier on Tuesday.
The pair currently trades last at 1.09981.
The previous day high was 1972.45 while the previous day low was 1950.67. The daily 38.2% Fib levels comes at 1964.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1958.99, expected to provide resistance.
The EUR/USD pair struggles to gain and holds ground below the 1.1000 mark heading into the early European session on Tuesday. Market players await the US Manufacturing Purchasing Managers Index (PMI) data for fresh cues later in the North American trading hours. The major pair currently trades around 1.0990, down 0.06% on the day.
About the data, Eurostat reported on Monday that the Eurozone Core Harmonized Index of Consumer Prices (HICP) in July rose by 5.5% YoY and 5.3% for the headline CPI. The flash Q2 Eurozone Gross Domestic Product (GDP) expanded by 0.3% QoQ and 0.6% YoY. Additionally, German Retail Sales for June increased by 1.6% year on year, compared to -6.3% expected and -2.1% prior, while the monthly figure fell to -0.8%, compared to -0.2% estimated and 1.9% previously.
It’s worth noting that the European Central Bank (ECB) raised interest rates by 25 basis points (bps) to 4.25% last week. ECB President Christine Lagarde stated that the central bank will move towards achieving a medium-term inflation target of 2%. The ECB raised interest rates for the ninth consecutive time last week, but President Christine Lagarde hinted at a possible pause in September as inflationary pressures showed tentative signs of easing and fears of a recession grew.
Across the pond, the US Dollar attracts some buyers and edges higher to the 102.00 mark on Tuesday. The index ignored the softer US inflation data on Friday.
The US Bureau of Economic Analysis reported last week that the Personal Consumption Expenditures (PCE) Price Index fell from 3.8% in May to 3% in June, below the market expectation of 3.1%. The figure grew at its slowest pace in over two years. Meanwhile, the Federal Reserve’s preferred measure of inflation, the Core PCE Price Index, came in at 4.1% annually, down from 4.6% in May and below market expectations of 4.2%.
Additionally, the United States published low-tier economic figures on Monday. The US Chicago Purchasing Managers Index (PMI) for July came in at 42.8 from 41.5 in June, versus 43 expected, while the Dallas Manufacturing Index edged higher to -20 in July from -23.2 in June.
Market participants will keep an eye on the global Manufacturing PMI data and the German Unemployment rate for June. The week’s highlight will be the US Nonfarm Payrolls report, due on Friday. The US economy is expected to have created 180,000 jobs. At the same time, the US employment rate is expected to remain unchanged at 3.6%.
Technical Levels: Supports and Resistances
EURUSD currently trading at 1959.3 at the time of writing. Pair opened at 1965.06 and is trading with a change of -0.29 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1959.30 |
| 1 | Today Daily Change | -5.76 |
| 2 | Today Daily Change % | -0.29 |
| 3 | Today daily open | 1965.06 |
The pair is trading above its 20 Daily moving average @ 1950.56, above its 50 Daily moving average @ 1946.46 , below its 100 Daily moving average @ 1968.1 and above its 200 Daily moving average @ 1889.28
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1950.56 |
| 1 | Daily SMA50 | 1946.46 |
| 2 | Daily SMA100 | 1968.10 |
| 3 | Daily SMA200 | 1889.28 |
The previous day high was 1972.45 while the previous day low was 1950.67. The daily 38.2% Fib levels comes at 1964.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1958.99, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1953.0, 1940.95, 1931.22
- Pivot resistance is noted at 1974.78, 1984.51, 1996.56
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1972.45 |
| Previous Daily Low | 1950.67 |
| Previous Weekly High | 1982.20 |
| Previous Weekly Low | 1942.65 |
| Previous Monthly High | 1987.54 |
| Previous Monthly Low | 1902.77 |
| Daily Fibonacci 38.2% | 1964.13 |
| Daily Fibonacci 61.8% | 1958.99 |
| Daily Pivot Point S1 | 1953.00 |
| Daily Pivot Point S2 | 1940.95 |
| Daily Pivot Point S3 | 1931.22 |
| Daily Pivot Point R1 | 1974.78 |
| Daily Pivot Point R2 | 1984.51 |
| Daily Pivot Point R3 | 1996.56 |
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