Ella 
EUR/USD reversed course from a weekly top, recording its first loss in three days near 1.0860 heading into Wednesday’s European session. Traders await top German and US data today, along with a reversal of the 100 SMA and falling resistance line from mid-July.
It is worth pointing out that the RSI retracement, coupled with the possible pullback of German inflation cues, will suppress the EUR/USD price.
However, a pullback will require confirmation from German data and the three-week rising support line at 1.0770 to convince euro bears. Afterwards, the euro does not rule out the possibility of falling towards the May low of 1.0635. Once below 1.0635, the annual bottom of 1.0515 recorded in March will come into focus.
Conversely, a move above the confluence of resistance at 1.0890, which includes the 100 SMA and the descending resistance line from July 18, could point the euro towards the previous week’s high at 1.0930 and the 50% retracement of the May-July rally around 1.0955.
If it breaks through 1.0955, the 200 SMA moving average of 1.0980 and the psychological threshold of 1.1000 will attract attention.
