EURUSD Daily Analysis – August 23, 2023

The EURUSD currency pair has broken below the key support level at 1.0844 and continued its downward movement from 1.1275, reaching as low as 1.0832. This indicates a resumption of the downside move in the pair. It suggests that further decline is likely to occur, with the next target being around the 1.0750 area.

At this point, it is important to monitor the key resistance level at 1.0930. Only a break above this resistance level could signal the completion of the downtrend in EURUSD. Until then, the overall bias remains bearish.

To summarize, the EURUSD pair has broken below the support level at 1.0844 and extended its downward move. The next target is around 1.0750. The key resistance level to watch is now at 1.0930, as a breakout above this level would suggest a potential end to the ongoing downtrend.