Technical analysis on EURUSD for August 4th, 2022.

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Green line - horizontal resistance

Blue rectangles- higher lows

EURUSD formed yesterday a higher low at 1.0123 respecting the key support of 1.01. In our last analysis we noted that a confirmation of the bearish signals was needed and that would be a break below 1.01. That was the key support. Price instead formed a higher low and is bouncing higher towards 1.0285 again. Important resistance remains at the green horizontal line at 1.0285. EURUSD is trading now at 1.0240. Bulls need to defend yesterday lows and break above the resistance at 1.0285 in order to move towards 1.04. Failure to hold above 1.01 will lead EURUSD back to parity and lower.

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