EURUSD Daily Analysis – August 9, 2023

EURUSD has been moving sideways within a trading range between 1.0912 and 1.1047.

As long as the price remains below the trend line resistance, the sideways movement could be considered as consolidation within the ongoing downtrend from 1.1275. In this scenario, a breakdown below the support level at 1.0912 could potentially trigger a further downside move towards the 1.0833 support level.

On the upside, a breakout above the trend line resistance would be needed to bring the price back to test the 1.1047 resistance level. If there is a confirmed breakout above this level, it would indicate that the downside move has already completed at 1.0912, potentially paving the way for another rise towards the previous high at 1.1275.

Traders should closely monitor the price action and the behavior around the trend line, support, and resistance levels mentioned for potential breakout or reversal signals.

To summarize, the analysis suggests that EURUSD is currently consolidating within the downtrend. A breakdown below the support at 1.0912 could trigger further downside, while a breakout above the trend line resistance would suggest a potential reversal. Traders should stay attentive to key levels and observe the price action for possible trading opportunities.