EUR/USD Price Analysis: A move to the 200-day SMA emerges on the horizon

• EUR/USD drops further and approach the 1.19 yardstick.
• There is a minor support at 1.1887 (Fibo level).

EUR/USD accelerates the decline following the recent breakdown of the psychological 1.2000 hurdle at the end of the week.

The current downtrend picked up extra pace in the past hours and forced EUR/USD to recede to the proximity of 1.19 the figure. Momentum favours extra retracements with the next stop at the Fibo level (of the November-January rally) at 1.1887.

A breach of this level should expose a potential move to the key 200-day SMA, today at 1.1808, and the consequent challenge of the constructive bias.

If the selling impetus gathers further steam, then the pair could test the 2008-2020 support line in the 1.1600 area.

EUR/USD daily chart