FX.co ★ EUR/USD analysis for July 26, 2023 - Rejection of the resistance and potential for the downside movement

Technical analysis:

EUR/USD has been trading upside this morning but I found rejection of the resistance at 1.1085, which is good sign for the potential drop.

Due to the downside trend in the last few days and the rejection of the resistance, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.1035

Stochastic oscillator is showing overbought condition and fresh downside cross, which is another good sign for the further downside movement.

Key resistance is set at the price of 1.1085