EUR/USD Price Analysis: Remains on the defensive above the 1.1000 mark, eyes on Eurozone inflation, US NFP

• EUR/USD loses traction in the busy economic calendar week.
• The pair holds below the 50- and 100-hour EMAs; the RSI stands in bearish territory.
• The immediate resistance is seen at 1.1045; initial support is located near the 1.1000 zone.

The EUR/USD pair loses momentum and remains on the defensive above the 1.1000 area during the early Asian trading hours on Monday. The major pair drops for two consecutive weeks after retreating from Year-to-date (YTD) highs. EUR/USD currently trades around 1.1015, losing 0.02% for the day. Market players await the economic data from the Eurozone, while the US Nonfarm Payrolls later this week will be the key event and could spark volatility in the FX market.

According to the one-hour chart, the major pair holds below the 50- and 100-day Exponential Moving Averages (EMAs), implying the path of least resistance for the EUR/USD is to the downside. Adding to this, the Relative Strength Index (RSI) stands below 50, supporting EUR/USD buyers for now.

The immediate resistance level for EUR/USD appears at 1.1045 (High of July 28). Further north, the pair will challenge the next hurdle at 1.1055, representing the upper boundary of the Bollinger Band.

Any meaningful follow-through buying beyond the latter could pave the way to the next barrier at the 1.1100–1.1110 zone, highlighting an intersection of a psychological round mark and a high of July 26. The additional upside filter is located at 1.1250 (High of July 27).

On the downside, EUR/USD will meet an initial support level at 1.1000 (a psychological round figure) en route to 1.0965 (a lower limit of the Bollinger Band). A decisive break below the latter would fuel a drop towards 1.0940 (Low of July 10).

EUR/USD one-hour chart