EUR/USD Price Analysis: Downside could extend to 1.1186

• EUR/USD’s comes under pressure below the 1.13 mark.
• Next on the downside sits the Fibo level at 1.1186.

EUR/USD keeps correcting lower from overbought levels and it has now breached the 1.1300 support, opening the door to further declines in the short-term horizon.

If the selling pressure picks up pace, then the next interim support is seen at the Fibo retracement at 1.1186.

Supporting the positive view and looking at the broader picture, further gains are likely while above the 200-day SMA, today at 1.1016.

EUR/USD daily chart