FX.co ★ Technical analysis on EURUSD for August 5th, 2022.

Green line- horizontal resistance

Blue rectangles- support levels

EURUSD is under pressure today after making a high at 1.0254. Bulls were unable to test the horizontal resistance at 1.0285. Price formed a lower high. This is not a good sign for bulls. EURUSD is challenging the horizontal support levels at 1.0140-1.01 area. It is important for EURUSD bulls to defend this level. As we said yesterday, staying below 1.0285 keeps EURUSD vulnerable to more downside. A break below 1.01 will confirm the bearish momentum after the rejections at 1.0285.