FX.co ★ EUR/USD analysis for August 01, 2022 - Potential for the downside rotation

Technical analysis:

EUR/USD has been trading upside this morning but there is the rejection of the key pivot resistance at 1.0270. I see potential for the downside rotation.

Trading recommendation:

Due to the rising wedge and rejection of the key resistance at the price of 1.0270, I see potential for the downside rotation.

Watch for potential selling opportunities with the downside objective at 1.0120.

Stochastic oscillator is showing overbought condition with potential for the downside movement.

Key resistance is set at the price of 1.0275