EURUSD Daily Analysis – August 5, 2019

EURUSD is facing the resistance of the price channel on the 4-hour chart. A clear break above the channel resistance would indicate that the downside movement from 1.1285 had completed at 1.1026 already, then the pair would find next resistance level at 1.1187. However, as long as the channel resistance holds, the bounce from 1.1026 could be treated as consolidation for the downtrend, another fall to 1.1000 area is still possible after the consolidation.

EURUSD 4-hour chart