EUR/USD Price Analysis: Still room for a drop to the 2022 low

• EUR/USD gathers extra downside traction and breaches 0.9700.
• A deeper retracement could expose a move to the YTD low.

EUR/USD drops for the fourth consecutive session and revisits the sub-0.9700 region at the beginning of the week.

Further losses appear well on the cards for the time being. Against that, the pair should not meet any contention of note until the 2022 low at 0.9535 (September 28) prior to the round level at 0.9500.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0608.

EUR/USD daily chart