EURUSD Weekly Analysis – July 29, 2023

EURUSD has been staying within a rising price channel on the weekly chart, indicating that the pair remains in a long-term uptrend from 0.9535. As long as the channel support holds, the pullback from 1.1275 could be seen as a consolidation for the uptrend, and another rise towards 1.1500 could be expected after the consolidation.

On the other hand, if the price were to break down below the channel support, it would indicate that the upside move has already completed at 1.1275 and the pair could find support at 1.0515, followed by 1.0200.

Overall, while EURUSD remains in an uptrend within the rising price channel, there is also the possibility of a breakdown below the channel support that could see the price fall.