FX.co ★ Short-term technical analysis on EURUSD for August 2nd, 2022.

Red lines- support trend lines

Green line - horizontal resistance

Blue lines- Fibonacci extension targets

In our previous posts we noted the rejection signs we were getting from the EURUSD chart as price for a third time was unable to push above 1.0285. Price is now challenging the short-term support trend lines. Support is found at 1.02 and at 1.0160. As long as price holds above these levels, bulls have hopes for a move above 1.0285 towards 1.0350-1.04. Failure to hold above 1.0160 will most probably lead EURUSD to new lows below parity.