EUR/USD Price Analysis: Drops to 10-day SMA, extending Tuesday's losses

• EUR/USD trades near 1.2083, representing a 0.19% drop on the day. 
• The daily chart shows a failed breakout and scope for renewed price drop.

EUR/USD slipped to the 10-day Simple Moving Average (SMA) support at 1.2086 soon before press time, having failed to keep gains above the 50-day SMA of 102151 on Tuesday. 

The multiple failed attempts to take out the 50-day SMA hurdle seen over the past week or so has invalidated the bullish outlook put forward by the descending trendline breakout confirmed on Feb. 9. Coupled with the long upper wick attached to Tuesday's candle, that suggests scope for a re-test of sub-1.2050 levels. 

On the higher side, a daily close above the 50-day SMA is needed to reive the bullish bias. 

Daily chart

Trend: Bearish

Technical levels