For some time, the trading price of the EUR/USD pair had been rising significantly. The USD was not able to gain much momentum against the EUR. However, things have started to change for the pair, and the EUR has lost its strength against the USD.

EUR/USD Pair is losing its Traction

The price chart shows that the EUR/USD pair has continued losing its strength. As the USD kept losing its strength and kept weakening, it lost its high value of 1.0350.

As the value of the USD kept falling, the EUR/USD pair had risen over 1.0350. However, the US Feds recently shared the nonfarm payrolls as well as the inflation data for the month of July, which was very promising.

Just as the NFP data was released, the EUR had started losing its value against the USD, as the USD was growing in strength.

As the consumer price index (CPI) data came out to be even more promising, the USD strengthened even more.

EUR/USD Currently Resides over 1.0300

Due to the data, the value of the USD has grown stronger, bringing it close to the EUR. This has pulled the pair’s value close to 1.0300.

As the positive data keeps coming in for the United States, the USD is bound to grow in strength. This would allow the USD to be able to bring itself back to the old levels with the EUR.

Technical Point of View for EUR/USD

Although the EUR seems to be losing its strength against the USD, it does have the tendency to grow higher in the future. The value of the pair may advance and then continue moving higher with strong support from the buyers.

It is expected that the trading value of the EUR/USD may experience a retracement. The technical analysis suggests that the pair may experience a 61.8% retracement, which may push the pair to 1.0360.

If the sentiments of the investors remain bullish, the pair may continue gaining strength, as it may enter positive levels.

The relative strength index (RSI) for the pair is reportedly in the strong bullish zone. It is moving into the strong positive territory and it is at the highest level since May 2022.

Support and Resistance Levels for the Pair

The price analysis for the pair further suggests that if it starts moving in the downward zone, then the first level it may hit would be 1.0280.

The next downward level the pair may hit would be 1.0240, followed by another support level of 1.0205.

Then come to the resistance levels, which show that the first level would be hit at 1.0360. Then the next level would be 1.0395 followed by 1.0440.