EUR/USD Price Analysis: Another test of 1.1020 looks in the pipeline

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27 July 2023

EUR/USD Price Analysis: Another test of 1.1020 looks in the pipeline

EUR/USD reverses the early move to tops near 1.1150.
Next on the downside emerges the weekly low at 1.1020.

EUR/USD trades in a volatile fashion and trims initial gains to the 1.1150 zone, leaving the door open to further retracement in the very near term.

Considering the recent price action, extra weakness should not be discarded and could motivate the pair to revisit the psychological support at 1.1000 the figure once the weekly low of 1.1020 (July 25) is cleared.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0712.

EUR/USD daily chart

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