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02.08.202112:52 Forex Analysis & Reviews: EUR/USD Hot Forecast for 2nd August

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EUR/USD regains composure and retakes the upper hand near 1.1890.
The dollar debilitates on the better mood in the risk complex.
German Retail Sales surprised to the upside in June.

EUR/USD quickly leaves behind Friday's downtick and creeps higher to the vicinity of the 1.1900 neighbourhood, always against the backdrop of the renewed selling bias hitting the dollar.

In fact, the pair manages well to regain traction following the initial knee-jerk in response to the softer-than-expected Chinese PMI published during early trade. Indeed, the Caixin Manufacturing PMI eased to 50.3 for the month of July, missing estimates and ticking lower from June's 51.3.

EUR/USD finally managed to surpass the key barrier at 1.19 the figure last Friday, although bulls remained unable to sustain the move. The healthy recovery in spot clearly followed the increasing weakness surrounding the dollar, which was in turn propped up by the steady stance at the Fed's event in past days.

From a technical perspective, immediate and interim resistance for the pair comes in at the July's peak near 1.1910 recorded on Friday. The surpass of this level should open the door to extra gains to, initially, the late-June tops around 1.1975. Further north comes in the psychological 1.2000 mark

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