EUR/USD looks to close with modest daily gains above 1.1800

EUR/USD pulled away from daily highs during the American session.
Upbeat data from Germany helped the shared currency gather strength against its rivals.
US Dollar Index looks to snap two-day winning streak.

Eren Sengezer FXStreet

The EUR/USD pair gained traction during the European trading hours and climbed to a daily high of 1.1844. However, the pair lost its bullish momentum and has gone into a consolidation phase during the American session. As of writing, EUR/USD was up 0.3% on the day at 1.1820.

Upbeat German data support EUR on Tuesday

Earlier in the day, the data from Germany showed that the Gross Domestic Product (GDP) in the second quarter contracted by 11.3% on a yearly basis. This reading came in better than the market expectation of -11.7%. Moreover, the IFO - Business Climate rose to 92.6 in August and the IFO - Current Assessment edged higher to 87.9 to show improving sentiment in Germany.

In the second half of the day, the sharp upsurge witnessed in the US Treasury bond yields helped the greenback find demand. The US Dollar Index, which dropped below 93.00 amid risk flows earlier in the day, was last seen posting small daily losses at 93.12.

The Conference Board reported on Tuesday that the Consumer Confidence Index in the US slumped to 84.8 and fell short of analysts' estimate of 93. Nevertheless, this data had little to no impact on the USD as investors seem to be waiting for FOMC Chairman Jerome Powell's speech at the Jackson Hole Symposium on Thursday.

Technical levels to watch for

EUR/USD

Overview
Today last price	1.1821
Today Daily Change	0.0033
Today Daily Change %	0.28
Today daily open	1.1788

Trends
Daily SMA20	1.1811
Daily SMA50	1.1532
Daily SMA100	1.1254
Daily SMA200	1.1148

Levels
Previous Daily High	1.185
Previous Daily Low	1.1784
Previous Weekly High	1.1966
Previous Weekly Low	1.1754
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1809
Daily Fibonacci 61.8%	1.1825
Daily Pivot Point S1	1.1765
Daily Pivot Point S2	1.1742
Daily Pivot Point S3	1.17
Daily Pivot Point R1	1.183
Daily Pivot Point R2	1.1873
Daily Pivot Point R3	1.1896

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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