EUR/USD Price Analysis: Weakness looks far from abated

EUR/USD sheds further ground and drops to new lows near 1.1120.
A deeper pullback could expose a test of the 1.10 mark.

EUR/USD remains well under pressure and tumbles to the low-1.1100s, an area last visited in June 2020, on Friday.

Further downside appears likely in light of the ongoing price action. Against this, the next support could turn up at the round levels at 1.1100 and 1.1000, all ahead of May 2020 low at 1.0766 (May 7).

Extra losses in the pair remains well on the cards as long as it remains capped by the 4-month resistance line, today near 1.1340.

In the longer run, the negative outlook is seen unchanged below the key 200-day SMA at 1.1700.

EUR/USD daily chart

Jan 28, 2022

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