EUR/USD Price Analysis: Door open to extra decline

• EUR/USD returns to the negative territory near 1.1330.
• Sellers aim at another visit to the 2022 low at 1.1272.

EUR/USD’s initial bullish attempt seems to have run out of steam in the proximity of 1.1380 on Thursday.

The bias appears tilted to further retracement in the very near term. That said, a deeper decline remains on the cards if spot breaks below the weekly low at 1.1314 (January 18). Such a move should open the door to a test of the so far YTD low at 1.1272 (January 4).

The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1719.

EUR/USD daily chart

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