EUR/USD Price Analysis: The 200-day SMA holds the downside… for now

• EUR/USD remains under pressure around 1.1900 on Monday.
• The 200-day SMA emerges at the 1.1845/50 band.

EUR/USD continues to challenge the sub-1.1900 region amidst the prevailing sentiment supporting the greenback.

A deeper pullback faces the next key support at the critical 200-day SMA near 1.1850. If cleared, then the door should remain open to a probable move to the 2021 lows in the 1.1835/30 band (March 9).

Below the latter, potential losses are expected to gather further steam with the next target at a Fibo level at 1.1762 ahead of the 2008-2020 support line in the 1.1600/1.1590 band. A deeper drop to the latter, however, is not contemplated for the time being.

EUR/USD daily chart