FX.co ★ Bearish price action from EUR/USD for August 10, 2023

Green line- medium-term support trend line

Despite making new higher highs in the near term, EURUSD failed to hold its gains today. Price moved as high as 1.1060 giving hope to bulls for the start of a new upward move. This scenario was justified and back by the fact that price has managed to respect and stay above the green upward sloping support trend line coming from 0.9536. Price has made a bearish turnaround forming a bearish hammer candlestick in the Daily chart. If the week closes lower than 1.0950, then we will have a bearish signal. A bearish candlestick following the bearish hammer pattern is a bearish signal. More downside should be expected. Bulls need to defend the green support trend line and break above 1.1060 which is key resistance now.