FX.co ★ EUR/USD analysis for August 01, 2023 - Rejection of the resistance and potential for the downside movement

Technical analysis:

EUR/USD has been trading downside this morning and I found rejection of the middle Bollinger band, which is good sign for the further downside continuation.

Due to the downside cycle and lower highs and lower lows in the in the background, I see potential for the further drop towards lower references.

Downside objectives are set at 1.0950 and 1.0845

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

Key resistance is set at the price of 1.1045