EURUSD Daily Analysis – August 22, 2023

The EURUSD currency pair has recently surpassed the descending trend line displayed on the 4-hour chart, indicating a potential reversal in the downward movement that began from 1.1065 and concluded at 1.0844.

Given this development, there is a possibility of further upward movement in the foreseeable future, with the next target level being 1.0960, followed by 1.1000. These levels may serve as potential resistance where the price could face challenges in advancing further.

It is important to note that the support level rests at 1.0844. Only a break below this level has the potential to initiate another decline towards the 1.0750 mark.

In conclusion, recent price action in the EURUSD pair suggests a breakout above the descending trend line on the 4-hour chart. This breakout implies a potential continuation of the rally in the coming days, with targets at 1.0960 and 1.1000. However, it is crucial to monitor the support level at 1.0844, as a breach of this level may reignite downward pressure towards 1.0750.