Daily Analysis EURUSD - 14 Aug 2023

Renewed concerns regarding the deepening crisis within China's property sector and its potential repercussions on the global economy prompted investors to seek safe havens during Monday's Asian trading hours. Despite initially being in negative territory earlier in the day, US stock index futures later stabilized during the European morning, which in turn provided support for the EUR/USD currency pair.

Looking ahead, the economic calendar does not include any data releases that might significantly influence the movement of EUR/USD throughout the rest of the day. Consequently, market participants will closely monitor Wall Street's performance to gauge whether there is a continued aversion to risk-sensitive assets.

Should the major US stock indexes open on a bearish note, this could potentially bolster the US Dollar (USD) and create challenges for EUR/USD to stage a substantial rebound.

Meanwhile, a report from Bloomberg earlier in the day highlighted the findings of a recent survey indicating that economists anticipate the European Central Bank (ECB) to implement a further key rate increase in September. Nonetheless, this headline had minimal impact on the valuation of the euro.

The EUR/USD has entered a price range between the support at 1.0940 and the resistance level of 1.1040. The current price action might suggest a potential reversal based on the formed price pattern.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1090	1.1050	1.1000	1.0950	1.0900	1.0850