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EUR/USD Price Analysis: Further decline likely near-term

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  • EUR/USD tumbles to new 2021 lows in the 1.1730 region.
  • A test of the 1.1700 neighbourhood appears on the horizon.

EUR/USD intensifies the weekly drop to levels last recorded in November 2020 around 1.1730. The drop gathered extra steam after breaching the 200-day SMA (1.1862) and a Fibo level (of the November-January rally) at 1.1762.

Sellers remain in control of the price action around the pair for the time being, exposing a deeper pullback to, initially, the 1.1700 neighbourhood in the short-term horizon.

Further south of 1.1700 there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

While below the 200-day SMA the short-term stance for EUR/USD is expected to remain negative.

EUR/USD daily chart

 

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