EUR/USD Price Analysis: Extra losses are not ruled out

• EUR/USD recorded fresh 2-month lows in the vicinity of 1.1630.
• The next support of note lies at the March peaks near 1.1500.

EUR/USD remains well on the defensive in the second half of the week, managing to record new 2-month lows near 1.1630 during early trade.

While further retracements remain on the cards, a deeper pullback to the next support of relevance in the 1.1500 region (March tops) is not favoured for the time being. On the opposite side, the previous key contention area in the 1.1700 neighbourhood has now become the next upside target.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1231.

EUR/USD daily chart