EURUSD Daily Analysis – August 24, 2023

EURUSD has experienced a significant decline, extending its downward trajectory from 1.1275 to a low of 1.0802.

If the resistance at 1.0930 remains unbroken, it suggests that the currency pair is likely to continue its downward movement. In this case, the next target for the pair would be around the 1.0750 area. Traders should closely monitor the price action around the 1.0930 resistance level for signs of a potential continuation of the downtrend.

On the other hand, if the pair manages to break above the 1.0930 resistance level, it would indicate that the previous downward move has come to an end at 1.0802. In such a scenario, the next target for the pair would be the 1.1065 resistance level.

As market participants assess the EURUSD exchange rate, it will be crucial to closely follow any developments that may indicate the continuation of the downward momentum or a potential reversal towards higher levels.