EUR/USD Price Analysis: Near-term rebound in the offing?
- EUR/USD drops further and records new YTD low at 1.1568.
- The 1.1500 neighbourhood should hold the downside.
EUR/USD’s downside picks up further pace and breaks below the 1.1600 support to clinch fresh 2021 lows around 1.1570.
A technical rebound could be in the pipeline in the very near term considering the current oversold condition of the spot on a daily basis. The broader outlook, however, points south and a close below the 200-week SMA at 1.1572 should allow for further downside to the 1.1500 neighbourhood, where the March 2020 high sits.
In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1966.
