EURUSD Daily Analysis – August 25, 2023

EURUSD continues to trade below a declining trend line on the 4-hour chart, firmly entrenched in the downtrend that originated from 1.1065.

As long as this trend line serves as a barrier, we can anticipate further downward movement, with the next significant target zone lying around 1.0700.

However, if there’s a breakthrough above this trend line resistance, it would signify a potential end to the downward trajectory. In this scenario, we might see an upward rally that could drive the price toward the 1.0930 mark. Surpassing this level would then set the stage for a test of the 1.1065 resistance level.