In the 2003–04 season, Euell continued to be in the goal scoring form when he scored in a 4–0 win over Wolverhampton Wanderers, followed up by scoring in a 2–2 draw against Everton. However, he was sent–off for a second bookable offence in the 63rd minutes when he made a "reckless tackle" on Gary Neville, in a 2–0 loss against Manchester United on 13 September 2003. After his sending off, Euell's action was criticised by Manager Alan Curbishley. This led to transfer speculation over Euell's future at Charlton, although this was denied by Curbishley, himself. After serving a three match suspension, Despite being sidelined twice later in the season, he later scored twice against Wolverhampton Wanderers and Leeds United, a victory that ultimately saw them relegated. For the third time running, he finished the season as a top scorer, scoring 10 goals in total of 34 appearances.