EURUSD Daily Analysis – August 1, 2023

The EURUSD pair remains entrenched in a downtrend, stemming from 1.1275. The recent bounce from 1.0943 is likely a period of consolidation within the overall downtrend.

As long as the price stays below the falling trend line on the 4-hour chart, there is a strong indication that the downside move will continue. Traders can anticipate the next potential targets at 1.0900, followed by the previous low at 1.0833. These levels will be closely monitored for any signs of support or further bearish momentum.

However, on the upside, if the EURUSD manages to break above the trend line resistance, it would suggest that the downside move has already concluded. In such a scenario, another upward movement towards the resistance at 1.1275 could be in store.

In conclusion, the EURUSD maintains its downtrend, as evidenced by the current position below the falling trend line on the 4-hour chart. The downside move is expected to persist, with targets at 1.0900 and 1.0833. Nevertheless, a breakout above the trend line resistance could potentially lead to a rise towards the 1.1275 resistance level.