EUR/USD Price Analysis: Extra losses seen below 1.1370

• EUR/USD sheds ground for the third session in a row on Tuesday.
• Key contention emerges at the 4-month line near 1.1370.

EUR/USD extends the bearish move sparked soon after hitting new 2022 highs in the 1.1480/85 band earlier in the month.

The bias appears tilted to the downside for the time being. That said, a deeper decline remains on the cards if spot breaches the 4-month support line, today around 1.1370. On such event, the next support should emerge at the temporary 55-day SMA at 1.1347.

The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1725.

EUR/USD daily chart