EUR/USD Price Analysis: A test of 1.1800 (and below) looks likely

• EUR/USD hits new 2021 lows in the 1.1815/10 band on Wednesday.
• A re-test of the 1.1800 neighbourhood appears increasingly likely.

EUR/USD extends the weekly decline below the key 1.1900 yardstick and quickly leaves behind the key 200-day SMA in the 1.1850 region.

Sellers remain well in control of the sentiment surrounding the European currency and therefore the likeliness of further losses stays well on the table for the time being.

That said, the 1.1800 now looks vulnerable ahead of a Fibo level (of the November-January rally) near 1.1760.

Below the 200-day SMA the short-term outlook for EUR/USD should shift to bearish. Further south there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

EUR/USD daily chart