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EUR/USD Price Analysis: Decline could extend to 1.0879

FX Street
Updated:
  • EUR/USD stays on the defensive below the key 1.10 barrier.
  • Next target on the downside is seen at the October low at 1.0879.

The offered bias in the euro remains well and sound on Wednesday and keeps EUR/USD below the 1.10 neighbourhood at the time of writing, or new 3-week lows.

While below the 55-day SMA, today at 1.1053, the pair is expected to keep the negative view unchanged.

Against this backdrop, the next support of significance is located at 1.0879, the October 2019 low ahead of the Fibo retracement (of the 2017-2018 rally) at 1.0814.

EUR/USD daily chart

 

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