FX.co ★ EUR/USD analysis for September 11, 2023 - Rejection of the resistance

Technical analysis:

EUR/USD has been trading upside this morning but I found rejection of the resistance zone at the price of 1.0740, which is good sign for the potential downside rotation.

Due to the rejection of the key resistance and the short-term downside trend, I see potential for the further downside movement towards downside reference.

Downside objective is set at the price of 1.0700

MACD oscillator is showing decreasing in the upside momentum, which is good sign for the downside movement.

In case of the breakout of the resistance at 1.0745, there is the chance for the rally towards 1.0770