EUR/USD Price Analysis: Further downside still in the pipeline

• EUR/USD struggles for direction near 2021 lows.
• A breach of 1.1432 exposes a move to 1.1422 near term.

EUR/USD remains under heavy pressure and looks to regain some composure in the 1.1440 zone at the beginning of the week.

The continuation of the downtrend appears favoured in the short-term horizon. Against this, and if the pair clears the YTD low at 1.1432, the focus of attention is expected to quickly gyrate to the June 2020 high at 1.1422 (June 10).

In the meantime, extra losses remain on the cards as long as the pair trades below the immediate resistance line (off September’s high) today near 1.1620. In the longer run, the negative outlook persists while below the 200-day SMA, today at 1.1874.

EUR/USD daily chart