EURUSD Analysis – September 21, 2023

The EUR/USD currency pair made an unsuccessful attempt to break above the 1.0768 resistance level and is now facing the 1.0631 support level. This suggests that the pair continues to be in a downtrend from the 1.1275 level.

If the price breaks below the 1.0631 support level, it could trigger further downward movement towards the bottom of the falling price channel on the 4-hour chart, which is currently around the 1.0600 area.

On the upside, the immediate resistance level to watch is at 1.0670. Only a clear break above this level would potentially bring the price back to retest the 1.0768 resistance.

As a trader, it is important to closely monitor the price’s behavior in relation to the support and resistance levels mentioned. Being prepared to adapt trading strategies based on potential breakouts or reversals is advised. The overall downtrend should be considered until there is a clear shift in market sentiment.