EURUSD Analysis – October 4, 2023

EUR/USD has continued its downward movement, reaching as low as 1.0447. Currently, the price is within a falling price channel on the 4-hour chart. If we see a bounce from the 1.0447 level, it could be viewed as a period of consolidation within the overall downtrend. Consequently, there is still the possibility of further decline, with a potential target around 1.0400 after the consolidation phase.

To consider a potential shift in the market dynamics, traders should closely monitor the key resistance level at 1.0616. A decisive breakout above this level could suggest the completion of the downtrend in EUR/USD.