Could We See a New Move Lower on the EURUSD?

August 3, 2022
by Joseph Jeffriess, Market Analyst

Hi all, welcome to Wednesday’s update. Focus today is on the EURUSD daily chart as we continue to watch the current consolidation after buyers failed to clear resistance and sellers took back control in yesterday’s session.

Please watch our update video just below the daily chart for our full analysis.

The price remains in its downtrend, and we continue to see the price hold its pattern of trend with LLs and LHs. Sellers have just moved through the short-term uptrend yesterday, but buyers have been active today, and we are seeing some higher movement holding the consolidation pattern.

History could be on the seller side as we have seen two previous moves lower from points of consolidation. To signal a sell, we want to see today’s buying fail and a new decent break of yesterday’s low.

If we see a higher close today and a new move back to the top of the consolidation range, this may indicate that seller strength is not as strong as thought yesterday.

Thanks for tuning in, and we wish you all the best for the rest of the day.

EURUSD Daily Chart

EURUSD Analysis Video 

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