FX.co ★ EUR/USD analysis for August 08, 2023 - Key supply trendline on the test

Technical analysis:

EUR/USD has been trading sideways at the price of 1.1000 and I found that critical pivot at 1.1010 is on the test.

Key supply trend-line is on the test and the price action around key pivot will be critical for the further directional move.

In case of the breakout to the upside of resistance at 1.1010, I see potential for the rally towards 1.1040 and 1.1145

In case of the rejection of the supply trend-line, I see further drop towards 1.0940 and 1.0920

Short tern trend is downside and there is the fresh bear cross on the Stochastic oscillator