EUR/USD Price Analysis: Near-term outlook remains negative below 1.1150

Market news

1 August 2023

EUR/USD Price Analysis: Near-term outlook remains negative below 1.1150

EUR/USD slips back below the 1.1000 support on Tuesday.
Further losses remain in store while below the mid-1.1100s.

EUR/USD resumes the decline and drops to two-day lows in the 1.0955/50 band on Tuesday.

Considering the ongoing price action, spot could see its selling pressure accelerate and retest the weekly low of 1.0943 (July 28). The breakdown of this region could put a test of the 1.0910 zone, where the transitory 55-day and 100-day SMAs coincide, back on the radar.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0728.

EUR/USD daily chart

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