EUR/USD Price Analysis: Risks point to further losses

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  • EUR/USD trades close to recent 3-month lows near1.1760.
  • Extra downside could see the 1.17 neighbourhood retested.

EUR/USD extends the bearish note and remains well offered in sub-1.1800 levels on Tuesday.

So far, spot seems to have met decent contention in the 1.1770/65 band, where sits the 2020-2021 support line, recent lows and a Fibo level. The breach of this zone would be an important bearish event and carries the potential to accelerate losses to the 2021 low in the 1.1700 neighbourhood (March 31).

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2002.

EUR/USD daily chart

 

Source fxstreet

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