EUR/USD Price Analysis: Further weakness remains on the table

Market news

2 August 2023

EUR/USD Price Analysis: Further weakness remains on the table

EUR/USD adds to the weekly leg lower and revisits 1.0950.
The weekly high at 1.1150 continues to cap the upside.

EUR/USD comes under intense selling pressure and flirts once again with weekly lows in the mid-1.0900s on Wednesday.

Considering the ongoing price action, spot could see its downside momentum 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 1.0733.

EUR/USD daily chart

USD/MXN: There is little reason to expect a significant sell-off in Peso in the coming months – Rabobank

GBP’s bullish trend to reverse in year ahead – MUFG

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.