Daily Analysis EURUSD - 10 Aug 2023

Italy's recent announcement of a windfall tax targeting its lenders led to a sharp decline in banking stocks. However, the situation took a turn on Wednesday after the government clarified that the 40% tax wouldn't exceed 0.1% of the bank's total assets. Meanwhile, the European Central Bank (ECB) is set to release its economic bulletin, and Italy is scheduled to publish the final July inflation figures.

Currently, market participants are in a state of anticipation, awaiting the release of the US July Consumer Price Index report on Thursday. The anticipated annual CPI rate is 3.3%, up from June's 3%. Additionally, the weekly Jobless Claims report is also on the horizon. These figures are highly anticipated and could potentially trigger significant movements in the market.

The EUR/USD price action indicates a double bottom, suggesting uncertainty regarding the current level and clustering of prices at this point. The upcoming support levels are situated at 1.0920 and 1.0850. Furthermore, the 100MA on the daily chart is providing support at the present levels.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1090	1.1050	1.1000	1.0950	1.0900	1.0850