EURUSD → A false break of support could provide bullish momentum

2 Agu 2023

EURUSD is forming a false breakdown of the support line. The price is still trying to hold within the bullish trend

The false break of the trend support led to an increase in liquidity, after which a reaction is formed in the market, which brings the price back into the channel and confirms the false breakdown.
The false breakout may be followed by a retest of 1.09480 which will signal that the price is not ready to rise and will start to fall. BUT! If the currency pair consolidates above the support line of the uptrend, the market will form the potential for strengthening.
Moving averages act as resistance.

Support levels: trend line, 1.0948.
Resistance levels: 1.1033, 1.1075.
I expect price consolidation above the support line, relative to which a false breakdown was made. After that I will wait for growth to the resistance.

Regards R. Linda!