EURUSD Analysis – January 8, 2024

The EURUSD currency pair has experienced a continued downward move, reaching as low as 1.0876 from a previous high of 1.1139. This decline indicates the potential for further downside momentum.

The next target for the pair is suggested to be at the bottom of the rising price channel on the 4-hour chart, currently around 1.0830. Traders should closely monitor this level for potential support and a potential bounce.

However, it is important to note that the pair has recently broken above the resistance level at 1.0972. This breakout suggests that the downside move may have already completed at 1.0876. In such a scenario, another rise towards the 1.1150 level would be more likely in the coming days.