EUR/USD Price Analysis: The bearish note remains unchanged so far

• EUR/USD remains under pressure near the 1.1700 zone.
• A move below 1.1700 could trigger further losses near term.

The mood around EUR/USD remains fragile around the key support in the 1.1700 neighbourhood on Wednesday.

The downside pressure is expected to mitigate somewhat on a close above the 1.1800 area, ideally in the very near term. That said, the recovery could target the July tops in the area just above the 1.1900 yardstick, where it is expected to struggle.

Failure to re-test/surpass the 1.1800 area should expose the YTD lows near 1.1700 and open the door to extra decline with the next target around 1.1600.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2004.

EUR/USD daily chart