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  • EUR/USD rebounds from YTD lows near the 1.1830 level.
  • A breakdown of the 200-day SMA exposes extra losses.

EUR/USD regains some composure after bottoming out in the proximity of 1.1830 during early trade on turnaround Tuesday.

Looking at the broader picture, the continuation of the downtrend appears on the table in the very near-term. That said, a test of the critical 200-day SMA (1.1816) seems imminent ahead of extra losses to, initially, the Fibo level at 1.1762.

If the selling impetus gathers further steam, then the pair could test the 2008-2020 support line in the 1.1600 area.

EUR/USD daily chart