EURUSD Daily Analysis – August 28, 2023

EURUSD has seen its downward trajectory persist, with the price reaching as low as 1.0765 after descending from the 1.1065 level.

As things stand, the key determinant of its future direction is the descending trend line visible on the 4-hour chart. While this trend line exerts its influence, the bearish sentiment is likely to prevail. The next substantial target in sight for traders is the 1.0700 area, marking a critical zone to watch for potential price action.

Nevertheless, there’s room for optimism. If EURUSD manages to break free from the grip of the trend line resistance, it could signify the conclusion of the ongoing downward movement. In such a scenario, we could anticipate an upward surge that might challenge the 1.0930 level. A successful breach of this level would then set the stage for a potential test of the formidable 1.1065 resistance.

In summary, EURUSD is currently at a pivotal juncture, where the battle between bears and bulls hinges on the behavior around the trend line resistance. A clear breakthrough could pave the way for a shift in its trajectory, possibly altering its course from the prevailing downtrend.