EURUSD Analysis – September 12, 2023

EUR/USD has experienced a rebound from its support level within the falling price channel on the 4-hour chart, starting from 1.0685 and breaking above the resistance level at 1.0760.

This upward movement suggests that a further rally is possible in the coming days, with the target being the top of the channel.

However, it is important to note that as long as the price remains within the falling price channel, the bounce from 1.0685 could be considered as a consolidation phase within the overall downtrend from 1.1275. Therefore, traders should exercise caution.

In the event that the price breaks below the support level at 1.0710, it could trigger another downward move towards the target area around 1.0650.

To effectively navigate trading opportunities in EUR/USD, closely monitor the price action within the falling price channel. Pay attention to the potential continuation of the rally towards the top of the channel or the potential breakdown below the support level at 1.0710. These key levels will provide insights into the sustainability of the rebound or the continuation of the downtrend in EUR/USD.