EUR/USD Price Analysis: A drop to 1.0944 is not ruled out

• EUR/USD trades slightly on the defensive in the 1.1050/60 band.
• A deeper pullback could extend to the 1.0944 level.

EUR/USD keeps the offered stance well and sound in the second half of the week, at least ahead of the NFP release later on Friday.

Considering the ongoing price action, further decline should not be discarded with the immediate target at the weekly low at 1.0944 (March 28). The breach of this level exposes a retracement to the 1.0900 zone (March 14) prior to the 2022 low at 1.0807 (March 7).

The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1484.

EUR/USD daily chart