EUR/USD Price Analysis: A deeper pullback is seen below 1.1272

• EUR/USD struggles for direction amidst a cautious price action.
• The loss of the 1.1270 region opens the door to extra losses.

Consolidation remains the name of the game around EUR/USD ahead of the release of the US labour market figures on Friday.

In the meantime, bouts of weakness should initially put the 1.1270 region to the test. If breached, then spot could slip further back and retest the weekly low at 1.1234 (December 20) ahead of the December’s low at 1.1221 (December 15).

The broader negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1742.

EUR/USD daily chart