EURUSD Daily Analysis – September 4, 2023

EUR/USD is currently approaching the support level at 1.0765. If there is a breakdown below this level, it could trigger further downside movement towards the 1.0700 area.

On the other hand, the immediate resistance level to watch is at 1.0840. A break above this level could potentially bring the price back towards the falling trend line on the 4-hour chart.

A breakout above the trend line resistance would confirm that the previous downside move from 1.1275 has completed. In such a scenario, the next target for resistance would be around the 1.1065 level.

Traders should closely monitor the price action in EUR/USD, paying attention to the behavior around the support level at 1.0765 and the immediate resistance level at 1.0840, as well as the trend line on the 4-hour chart. This will provide valuable insights into the potential continuation or reversal of the current price movement.