EUR/USD Price Analysis: Dead cat’s bounce

• EUR/USD leapt to the vicinity of 1.1590 post-Payrolls.
• A drop below 1.1562 should expose a deeper move to 1.1500.

EUR/USD finally regains the smile and reverses the recent multi-session weakness, managing to clinch 2-day highs in the 1.1585/90 band on Friday.

Another visit to the 2021 low at 1.1529 remains well on the table in the near future amidst the ongoing bearish context. Further south from here, a test of the 1.1500 neighbourhood should start emerging on the horizon.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1946.

EUR/USD daily chart