EURUSD Daily Analysis – September 6, 2023

EUR/USD has experienced a downside movement from 1.1275, reaching as low as 1.0705.

Currently, the pair is facing the support of the price channel on the 4-hour chart. This suggests that we may see minor consolidation in the coming days, with a trading range likely to form between 1.0705 and 1.0760.

However, if the 1.0760 resistance level holds, the downside movement could be expected to resume, potentially leading to a further decline towards 1.0650.

On the upside, a break above the 1.0760 resistance would indicate the need for a lengthier consolidation for the downtrend. In such a scenario, the price would encounter resistance at the top of the price channel.

Traders should closely monitor the price action in EUR/USD, paying attention to the behavior around the support of the price channel, the resistance at 1.0760, and the potential trading range between 1.0705 and 1.0760. These key levels will provide important insights into potential continuations or reversals in the EUR/USD price movement.