EURUSD → The market is forming limit resistance

13 Sep 2023

EURUSD is testing the resistance of the current trend channel, but cannot break this area. While the DXY is correcting, the currency pair is forming consolidation



The dollar index is declining after the retest of 105.00, most likely the area of 104.00 will give a new impulse, therefore, the forex market will give a corresponding reaction. If the dollar strengthens, the euro will weaken.
At the moment we see a retest of trend resistance, the market is forming a limit resistance area at 1.0765 and pushing the price away. The bears are showing their strength at the moment. An important support before the momentum formation is 1.0705, if this line is broken, the market may give a strong impulse.

Resistance levels: 1.0765, upper boundary of the channel
Support levels: 1.0705
I expect the currency pair to continue to decline, but if the dollar index breaks 104 and heads towards 103, eurusd may try to break the resistance.

Regards R. Linda!

15 Sep 2023

Nota