The EURUSD pair, currently trading at 1.08805, is regaining some of its previously lost value near the 1.0800 level in anticipation of upcoming German economic data.

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• EUR/USD recovers some lost ground near 1.0800 ahead of German economic data.

The pair currently trades last at 1.08805.

The previous day high was 1.0894 while the previous day low was 1.0845. The daily 38.2% Fib levels comes at 1.0864, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0875, expected to provide support.

The EUR/USD pair gains modest ground around the 1.0880 mark heading into the European session on Monday. Market participants await the German Producer Price Index (PPI) due later in the day. The monthly figure for July is expected to rise by a 0.2% decline while the annual figure is expected to a 5.1% drop.

Last week, the preliminary Eurozone Gross Domestic Product (GDP) for the second quarter came in at 0.3% and 0.6% YoY, matching expectations. Meanwhile, Eurozone Industrial Production for June MoM improved to 0.5% versus -0.1% market consensus and 0.0% prior. The monthly Industrial Output data rose by 0.5% versus the estimation of a 0.1% decline. Finally, the annual Harmonized Index of Consumer Prices for July came in at 5.3% versus 5.5% prior while the core figure remained at 5.5%, as expected.

The easing Eurozone inflationary pressure, according to data released by Eurostat on Friday, alleviates pressure on the European Central Bank to continue raising interest rates. This, in turn, leads to the weakness in the Euro against its rivals and acts as a headwind for the EUR/USD.

Across the pond, investors raise their bets on additional rate hike by the Federal Reserve (Fed) despite the robust labor data and weaker inflation data. However, investors will take cues from the Federal Reserve (Fed) Chairman Jerome Powell Speaks on Friday. The speech could provide clues about economic conditions and indications of whether the inflation is under control or additional interest rate increases are required to curb inflation.

Market players await the German Producer Price Index (PPI) data later in the European session. Later this week, the US Existing Home Sales Change MoM for July will be released on Tuesday. Also, the S&P PMI data from both Eurozone and the US remains in focus. Market players will shift their focus to the Fed Chair Powell Speaks on Friday. This event could trigger volatility in the market and give a clear direction to the EUR/USD pair.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0882 at the time of writing. Pair opened at 1.0872 and is trading with a change of 0.09 % .

The pair is trading below its 20 Daily moving average @ 1.0969, below its 50 Daily moving average @ 1.0978 , below its 100 Daily moving average @ 1.0931 and above its 200 Daily moving average @ 1.0791

The previous day high was 1.0894 while the previous day low was 1.0845. The daily 38.2% Fib levels comes at 1.0864, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0875, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0846, 1.0821, 1.0798
• Pivot resistance is noted at 1.0895, 1.0919, 1.0944

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