EUR/USD Price Analysis: Another visit to 1.1800 looks likely

• EUR/USD remains under pressure and approaches 1.1800.
• The breakdown of 1.1800 could expose a deeper pullback.

EUR/USD stays depressed and trades on the defensive for the third session in a row on Wednesday.

The prospect for further decline picks up traction in the very near term. Against that, another visit to recent lows near 1.1800 (July 2) remains in the pipeline ahead of the 1.1770 region, where coincides a Fibo level and the support line off November 2020 lows.

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1999.

EUR/USD daily chart