FX.co ★ Technical analysis on EURUSD for July 31st, 2023.

Blue lines - Fibonacci retracement levels

Red line- support trend line

EURUSD remains in a bearish short-term trend since July 18th top. Price is making lower lows and lower highs in the near term approaching the red upward sloping support trend line. Support remains key at 1.0915. After the rejection at the 61.8% Fibonacci retracement EURUSD is under pressure. EURUSD is expected to find support at the red trend line. Holding above it will built bullish momentum for the next leg higher towards 1.13. Breaking above the 61.8% Fibonacci retracement will provide a new bullish signal. Breaking below the red trend line will be a sign of weakness.