FX.co ★ July 31, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

In early June, After hitting a strong support at 1.0650, the EUR/USD pair bounced off and initiated the current ascending trend.

The pair found some resistance around 1.0960-1.1000 that dragged the prices down again before another upside movement was initiated towards 1.1250.

Buyers initially struggled to break above 1.1000, which was a crucial hurdle, and only managed to reach 1.1250 briefly before the current downside movement was initiated.

The pair has shown some recovery around 1.0950 as a dependable support level.

However, early signs of selling pressure are arising around 1.1000-1.1050. Thus, we are waiting for a clear direction from the market sentiment and the economic data.

At the current time, any downside movement towards 1.0950 should raise the consternation about a possible downside continuation pattern below the broken trend line at least towards 1.0850.