EUR/USD Price Analysis: 1.0100 remains in sight below 21 DMA, EU GDP, Fed minutes awaited

EUR/USD consolidates the previous rebound amid a cautiously optimistic mood.
US dollar takes a breather ahead of Fed minutes, the euro awaits Eurozone GDP.
The shared currency remains weighed down by recession fears and gas crises.

Dhwani Mehta FXStreet

EUR/USD is trading modestly flat above 1.0150, as the US dollar bulls take a breather following a sharp pullback from three-week highs.

Investors turn cautious and refrain from placing any big bets on the main currency pair ahead of the preliminary Eurozone Q2 GDP and the Fed July meeting minutes.

The Eurozone Q2 GDP may revive stagflation concerns amidst record-high inflation rate and the deepening energy crisis in the old continent. Meanwhile, the Fed minutes could offer insights on the size of the rate hike in the upcoming meetings. For September, markets are pricing roughly a 58% chance of a half percentage point Fed rate hike.

Looking at EUR/USD’s daily chart, sellers remain hopeful so long as the price holds below the horizontal 21-Daily Moving Average (DMA) at 1.0208.

Therefore, the 1.0100 support level remains in sight, despite Tuesday’s rebound from almost three-week lows of 1.0122.

The 14-day Relative Strength Index (RSI) has turned flattish but stays beneath the midline, suggesting that any uptick is likely to be sold into.

A sustained move above the 21 DMA will negate the near-term bearish momentum, opening doors for a fresh advance towards the bearish 50 DMA at 1.0295.

On a breach of 1.0100, selling pressure will intensify, as a retest of the parity will be inevitable. Although the 1.0050 psychological level could come to the rescue of EUR bulls.

EUR/USD: Daily chart

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price	1.0168
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.0171

Trends
Daily SMA20	1.021
Daily SMA50	1.0307
Daily SMA100	1.0507
Daily SMA200	1.0882

Levels
Previous Daily High	1.0195
Previous Daily Low	1.0123
Previous Weekly High	1.0369
Previous Weekly Low	1.0159
Previous Monthly High	1.0486
Previous Monthly Low	0.9952
Daily Fibonacci 38.2%	1.0167
Daily Fibonacci 61.8%	1.015
Daily Pivot Point S1	1.0131
Daily Pivot Point S2	1.0091
Daily Pivot Point S3	1.0059
Daily Pivot Point R1	1.0203
Daily Pivot Point R2	1.0235
Daily Pivot Point R3	1.0276

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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