Looking at the chart, we can see that the EUR/USD pair has been moving primarily in a range between 1.1600 and 1.1760 since late August. This indicates that the market is in a period of strong consolidation within this range. The price has tested both support and resistance levels during this time.
Analysis for September 9th
Supply and Demand Zones: According to the chart, the most important resistance level is around 1.1750-1.1760 (marked with a green line in the image). This level was tested several times in late August and early September. On September 9th, the price broke above this level, creating new highs, but this move caused the price to fall back below the level.
Structure Change: On September 6th, the price bounced strongly from the 1.1600 level, creating a new wave of highs above 1.1700. This indicates that a bullish sentiment is dominant in the market. On September 9th, the break of 1.1750 signaled a strengthening of the trend. However, the subsequent price pullback casts doubt on the validity of this move.
Future Outlook: The test of the 1.1750 level and the subsequent pullback indicate that uncertainty continues for the EUR/USD pair. If the price cannot stay above this level, it may return to the previous range, which is 1.1600-1.1750. Conversely, if the 1.1750 level is broken again more forcefully in the coming days, the next target could be 1.1800.
Summary: On September 9th, the EUR/USD pair attempted to break a key resistance level. Although this attempt was unsuccessful, a bullish sentiment still remains in the market. Traders should monitor the 1.1750 level to determine their next steps.