EUR/USD is looking to position itself above the resistance at 1. 1880 lately, while the US dollar is losing the opposite floor to a giant basket of currencies.
The US dollar index failed to settle above the resistance at 92. 15 and retreated towards the 92. Si the US dollar index manages to stabilize below this level, it will head to the next at the 50 EMA at 91. 90, which will be up for the EUR/US DOLLAR.
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Germany recently reported that retail sales rose 4. 2% month-on-month in June, versus analyst consensus of 2%. On a year-on-year basis, retail sales in Germany increased by 6. 2%. the larger economy provided more benefits for the euro.
Today, currency investors will also have the opportunity to take a look at the final reading of the eurozone production PMI report which is expected to show that the eurozone production PMI rose from 63. 4 in June to 62. 6 in July.
EUR/USD continues its attempts to settle above the resistance point at 1. 1880. In case the EUR/USD is set above this point, it will pass the stress point which is at 50 EMA at 1. 1900.
If EUR/USD manages to stabilize above the moving exponential average (EMA) of 50 at 1. 1900, it will head towards resistance at 1. 1925. A move above this point will pave the way for resistance at 1. 1945. If EUR/USD breaks above 1. 1945, it will head towards resistance at 1. 1965.
On the other hand, the closest point for EUR/USD is at 1. 1860. A successful verification of this point will push eur/usd towards the EMA of 20 at 1. 1845.
If EUR/USD moves below EMA 20, it will move to 1. 1830. A move below this point will pave the way to test the at 1. 1800.
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