EURUSD Analysis – September 11, 2023

EUR/USD has reached the bottom of the falling price channel on the 4-hour chart, indicating a potential opportunity for a rebound in the coming days.

If the price manages to break above the resistance level at 1.0760, it would confirm the case for a rebound. In such a scenario, the target for the rebound would be the top of the channel.

However, if the 1.0760 resistance level holds, there is still the possibility of a deeper decline. In this case, the next target area for EUR/USD would be around 1.0650.

To navigate potential trading opportunities in EUR/USD, it is essential to closely monitor the price action and the behavior around the 1.0760 resistance level. A breakout or failure to break this level will provide insights into the potential direction of the pair. Additionally, keep an eye on the target areas for the rebound and the potential downside move at 1.0650. These levels will help in assessing the strength of the rebound or the continuation of the downtrend in EUR/USD.