EURUSD Analysis – September 13, 2023

EUR/USD is currently contained within a falling price channel on the 4-hour chart, indicating a downtrend that originated from 1.1275. As long as the channel resistance continues to hold, the recent bounce from 1.0685 could be viewed as a consolidation phase within the ongoing downtrend.

There is still potential for further decline towards the 1.0650 area after the consolidation period, as long as the channel resistance remains intact. A break below this level could signal a continuation of the bearish move, potentially extending the downtrend.

A noteworthy development would be a break above the channel resistance. This would suggest a possible completion of the downside move and could indicate a potential reversal in the trend. Until such a break occurs, it is prudent to consider the overall context of the falling price channel and the prevailing downtrend.

Monitoring the price action around the channel resistance and the 1.0650 support level will provide valuable insights for assessing the future direction of EUR/USD.