EUR/USD Price Analysis: Further downside remains on the cards

• EUR/USD adds to the weekly leg lower around 1.0500.
• Extra losses appear likely in the short-term horizon.

EUR/USD adds to the recent weakness and revisits the 1.0480 region on Wednesday, where some initial support turned up.

The inability to leave behind the 4-month line near 1.0650 should keep the downside pressure unchanged around the pair. Against that, extra losses are predicted to remain in the pipeline, although another visit to the June low at 1.0358 seems out of favour for the time being.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1119.

EUR/USD daily chart