FX.co - EUR/USD analysis for August 02, 2023 - First downside objecive has been reached, key pivot on the test

2023-08-02T16:47:01

Relevance until2023-08-03

Technical analysis:

EUR/USD analysis for August 02, 2023 - First downside objecive has been reached, key pivot on the test

EUR/USD has been trading downside as I expected and the price has reached first downside objective at 1.0945.

Due to the strong downside momentum and no major sign of the strength, I see potential for the further downside movement towards lower reference.

Downside objective is set at the price of 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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for August 02, 2023 - First downside objecive has been reached, key pivot on the test