EURUSD Daily Analysis – August 4, 2023

EURUSD is currently below a descending trend line on the 4-hour chart, indicating its continued downtrend from 1.1275. The price has extended its fall to as low as 1.0912.

As long as the resistance of the trend line holds, it is likely that the downside movement will continue. The next potential target for the pair would be the support level at 1.0833.

Immediate resistance can be found 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 summary, the current analysis suggests that EURUSD remains in a downtrend, with attention given to the trend line for potential changes in the price trajectory. Traders should monitor the immediate resistance level at 1.0985 and assess any potential breakouts for possible shifts in the market sentiment and a potential reversal of the downtrend.