EUR/USD hovers over 1.1230 ahead of ZEW

The single currency is trading on a consolidative fashion ahead of the opening bell in Euroland on Tuesday, taking EUR/USD to the 1.1230/35 band so far.

EUR/USD focus on data

Tepid start of the week for the pair so far, as cautiousness seems to prevail amongst traders regarding the potential next move by the Federal Reserve regarding a rate hike in a couple of weeks or in the next months.

On the data front, German final inflation figures for the month of August are expected to match the preliminary readings, while the ZEW Survey should come in on a mixed tone

EUR/USD levels to watch

The pair is now losing 0.02% at 1.1232 and a break below 1.1202 (2014-2016 support line) would target 1.1144 (200-day sma) en route to 1.1043 (low Aug.5). On the flip side, the next resistance aligns at 1.1299 (resistance line off 2016 high) followed by 1.1329 (high Sep.8) and finally 1.1367 (high Aug.18).