EUR/USD Price Analysis: Further decline stays well on the cards

• EUR/USD resumes the downside and flirts with 1.1630.
• The next key support of note lies in the 1.1500 neighbourhood.

Sellers have regained the upper hand around EUR/USD following Thursday’s small uptick and drag the pair back to the area of 2-month lows around 1.1630 on Friday.

While odds for further pullbacks remain well in the pipeline, a deeper move 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 1.1234.

EUR/USD daily chart