FX.co ★ EUR/USD analysis for August 04, 2023 - Rejection of the resistnace cluster

Technical analysis:

EUR/USD has been trading upside yesterday and the price tested and rejected of key resistance at 1.0960, which is good sign for the further downside movement.

Due to the downside trend in the background and test and reject of the key resistance cluster, I see potential for the further drop towards lower reference.

Downside objective is set at the price of 1.0920

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 1.0960