EUR/USD Price Analysis: A drop to 0.9859 remains on the cards
|- EUR/USD regains some composure following new cycle lows.
- The breach of the 2022 low at 0.9952 should trigger extra losses.
EUR/USD attempts a bull run after dropping to the mid-0.9900s on Thursday, levels last seen in December 2002.
Despite the ongoing bounce, the pair’s bearish stance remains everything but abated for the time being. Against that, another convincing breakdown of the parity level should expose the YTD low at 0.9952 (July 14) ahead of the December 2002 low at 0.9859.
As long as the pair navigates below the 5-month support line around 1.0545, further losses remain in store.
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1033.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.