Technical analysis on EURUSD for August 2nd, 2023.
August 2, 2023 3:24 pm
Blue lines – Fibonacci retracement levels
Red line- support trend line
EURUSD remains under pressure. After the rejection at the 61.8% Fibonacci retracement, price is under pressure and has now reached the red upward sloping support trend line. EURUSD is challenging the support trend line at 1.0880-1.0890 area. As long as price holds this support level, bulls will continue to have hopes for a move higher. A break below 1.0880 will be a sign of weakness and will open the way for a deeper pull back at least towards 1.0650-1.06. Short-term resistance is found at 1.10-1.1040. As long as price is below this level, EURUSD will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines – Fibonacci retracement levels
Red line- support trend line
EURUSD remains under pressure. After the rejection at the 61.8% Fibonacci retracement, price is under pressure and has now reached the red upward sloping support trend line. EURUSD is challenging the support trend line at 1.0880-1.0890 area. As long as price holds this support level, bulls will continue to have hopes for a move higher. A break below 1.0880 will be a sign of weakness and will open the way for a deeper pull back at least towards 1.0650-1.06. Short-term resistance is found at 1.10-1.1040. As long as price is below this level, EURUSD will remain vulnerable to more downside.
The material has been provided by InstaForex Company – www.instaforex.com
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