EURUSD Analysis – September 19, 2023

The EUR/USD currency pair has rebounded from the bottom of the falling price channel on the 4-hour chart, suggesting a potential rally in the coming days. The next target for the pair could be at the 1.0768 resistance level. If the price successfully breaks above this level, it could trigger a further upside move towards the top of the falling channel.

However, it’s important to note that as long as the price remains within the channel, the bounce could be viewed as a consolidation phase within the overall downtrend from 1.1275. In this scenario, another decline towards the 1.0600 level could be expected once the consolidation is complete.

Immediate support for the pair is located at 1.0650. A breakdown below this level could potentially initiate another downward movement towards the 1.0600 area.

Traders should closely monitor the price’s behavior within the channel and be prepared to react accordingly based on potential breakouts or further declines, taking into account the identified support and resistance levels.