EURUSD Daily Analysis – August 3, 2023

EURUSD has broken below the support level at 1.0943 and has continued its downward movement from 1.1275, reaching as low as 1.0917.

As long as the price remains below the descending trend line on the 4-hour chart, there is still potential for further decline in the upcoming days. The next target area on the downside would be at 1.0833, which represents a significant support level.

Immediate resistance can be observed at 1.0985. A break above this level could potentially lead to a retracement towards the falling trend line on the 4-hour chart.

To signal a possible completion of the downtrend, a decisive break above the resistance of the trend line would be required.

In conclusion, the recent analysis suggests that EURUSD has experienced a break below support and is still susceptible to further decline. Traders should pay attention to the immediate resistance level at 1.0985 and monitor the price’s behavior around the descending trend line for potential changes in the market sentiment and a potential reversal of the downtrend.