EUR/USD Price Analysis: Further weakness likely below 1.1800

• EUR/USD remains under pressure below the 1.1800 mark.
• Extra retracements could see 1.1700 re-tested in the near term.

EUR/USD adds to Monday’s losses and keeps the offered bias unchanged below the 1.1800 yardstick.

The 1.1800 neighbourhood now emerges as the immediate target for EUR-bulls. If cleared, then the recovery could target the July tops in the area just above the 1.1900 yardstick, where it is expected to struggle.

Failure to re-test/surpass the 1.1800 area, ideally in the very near term, could encourage sellers to step in and drag spot once again to YTD lows near 1.1700.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2005.

EUR/USD daily chart