EUR/USD Price Analysis: A drop to 1.0358/48 is not ruled out

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  • EUR/USD remains under pressure below the 1.0600 mark.
  • A drop to the June low at 1.0358 appears on the horizon.

EUR/USD reverses three consecutive daily retracements and opens the door to further downside in the short-term horizon.

So far, and as long as the 4-month line in the 1.0690/1.0700 region limits the upside, extra pullbacks in the pair should remain on the cards in the near term. Against that, the next support of note comes at the June low at 1.0358 (June 15) ahead of the 2022 low at 1.0348 (May 13).

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1142.

EUR/USD daily chart