Fundamental analysis of EUR/USD

EUR/USD is trading in a sideways trend at 1.07680. 
European Central Bank (ECB) President Christine Lagarde's speech on Monday attracted attention, in particular, because it spoke about widespread and high inflation. Any change in stance would destabilize the market. Joachim Nagel, governor of the Deutsche Bundesbank and a member of the ECB board, also spoke in favor of price stability, but did not elaborate. Economic concerns about Germany continue to cast a shadow over the eurozone. The eurozone services PMI index is also in the spotlight. According to preliminary data, the eurozone services PMI fell to 48.3 from 50.9 in August. The services sector accounts for a large part of the eurozone economy, and a drop in the services PMI could cause further economic problems. 
In addition to Lagarde, other ECB chiefs such as Luis de Guindos, Isabel Schnabel and Eduard Fernandez-Bolo will also hold talks. On the other side of the Atlantic, the Fed statement will offset the impact on EUR/USD of the US industrial orders data. In addition, strong US non-farm payrolls data and Moody's upgrade of the US economic growth forecast added to the hawkish sentiment at the Fed and put pressure on the euro. Geopolitical tensions between the US and China, especially the Taiwan issue and other issues, as well as measures taken by China to protect its economy from a pandemic also strengthened the US dollar's position. The US Dollar Index is showing modest and steady gains around 104.40. 
Recent data from the Eurozone, especially the drop in the Sentix investor confidence index and the decline in the current condition index, reinforced the bearish outlook for EUR/USD. To summarize, market skepticism about the Fed's hawkishness combined with relatively dovish data from the Eurozone strengthens the basis for the EUR/USD downtrend. Now the focus will be on the upcoming Eurozone PPI data and US industrial orders data.
Technical analysis and scenarios:

Price is currently in the lower range of the Bollinger Bands, indicating a downward price movement. Narrowing of the bands could lead to lower volatility. The middle band is at 1.08200, which could be a turning point. The Stochastic Oscillator is at 31.9444 with a signal value of 45.6155 which indicates bearish momentum as it is below the 50 level. The MACD value is at -0.001903 and the signal value is -0.001691. A negative MACD value indicates the presence of bearish momentum. The fact that the MACD value is below the signal hints at a possible continuation of the bearish trend.
Main scenario (SELL)
Recommended entry level: 1.07200.
Take Profit: 1.06700.
Stop Loss: 1.07500. 
Alternative scenario (BUY)
Recommended entry level: 1.08090.
Take Profit: 1.08700.
Stop loss: 1.07870.