In the beginning of the European session, the currency pair EURUSD remains above the 1.0900 level at a rate of 1.09256.

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• EUR/USD holds above the 1.0900 mark in the early European session.

The pair currently trades last at 1.09256.

The previous day high was 1.096 while the previous day low was 1.0874. The daily 38.2% Fib levels comes at 1.0907, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0928, expected to provide resistance.

The EUR/USD pair recovers some lost ground and bounces off the low of 1.0875 heading into the early European session on Tuesday. The major pair currently trades around 1.0925, up 0.17% for the day. Markets await US Retail Sales data, and it could trigger volatility in EUR/USD in the next sessions.

On Monday, Germany’s Wholesale Price Index (WPI) for July increased to -2.8% YoY from -2.9% prior. The figure came in lower than the -2.6% expected. The monthly Wholesale Price Index reprinted -0.2% versus the market consensus of -1.4%. However, the European Central Bank’s (ECB) monthly Economic Bulletin revealed last week that the Eurozone’s inflation is still predicted to be too high for too long, and the prospects for economic growth and inflation are still uncertain.

On the US Dollar front, the Fed San Francisco President, Mary C. Daly, stated last week that there is a lot more information to evaluate and that it is premature to project whether additional rate increases or a prolonged period of holding rates are required. This, in turn, caps the upside for the Euro and acts as a headwind for the EUR/USD pair.

Investors will take cues from US Retail Sales due later in the American session. Market participants anticipate that the Federal Reserve (Fed) will keep the interest rate unchanged in its September meeting as US inflation remains moderate and in line with the central bank’s target of 2%. However, the odds for an additional rate hike of 25 basis points (bps) increased to almost 40% in its November meeting.

Looking ahead, the highly-anticipated US Retail Sales will be released later in the day. The headline figure is likely to increase by 0.4% MoM in July. Later in the week, the annual Eurozone Gross Domestic Product (GDP) Q2 and Harmonized Index of Consumer Prices MoM for July will be due. Also, market players will keep an eye on the FOMC Minutes for fresh impetus.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0924 at the time of writing. Pair opened at 1.0906 and is trading with a change of 0.17 % .

The pair is trading below its 20 Daily moving average @ 1.1026, below its 50 Daily moving average @ 1.0966 , below its 100 Daily moving average @ 1.093 and above its 200 Daily moving average @ 1.0777

The previous day high was 1.096 while the previous day low was 1.0874. The daily 38.2% Fib levels comes at 1.0907, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0928, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0867, 1.0828, 1.0781
• Pivot resistance is noted at 1.0952, 1.0999, 1.1038

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