EURUSD short-term analysis – 03 August 2022
The EURUSD has appreciated since its cycle low on 14 July. This bounce has been concurrent with markets rethinking the Fed's aggressiveness. However, Fed officials have clarified that a policy pivot is unlikely. As a result, the daily chart on the left may have charted a rising wedge (converging green lines). This pattern is a bearish continuation pattern. I.e. if it completes and breaksdown, the odds are for a EURUSD decline.
The hourly chart on the right shows bearishness setting up. The EMAs have rolled over and look as if they will cross negatively. Moreover, the stochastic has crossed down. If it drops below the 20 levels and holds, the momentum will apply downside pressure.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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