EUR/USD Price Analysis: Further downside likely below 1.1830

• EUR/USD reverses Monday’s uptick, back below 1.1800.
• Further retracement could reach monthly lows near 1.1750.

EUR/USD failed once again to surpass the key barrier in the 1.1800 neighbourhood, coming under renewed downside pressure afterwards.

Spot, in the meantime, flirts with the 2020-2021 line in the 1.1790/85 band. A sustainable break below this zone would be an important bearish event and carries the potential to accelerate losses.

Initial support comes in at the Fibo level at 1.1764 followed by monthly lows around 1.1750 and then the YTD 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 1.2003.

EUR/USD daily chart