EUR/USD Price Analysis: A drop to the 1.0630 region is not ruled out
|- EUR/USD resumes the downside following Friday’s tops.
- A deeper correction could revisit the 1.0630 zone.
EUR/USD adds to Friday’s marked pullback and drops to the 1.0680 area on Monday.
The pair remains well under pressure and the continuation of the selling bias should put a potential test of the May low at 1.0635 (May 31) back on the radar in the short-term horizon. If spot clears the 1.0600 support it could then open the door to a deeper decline to the March low at 1.0516 (March 15).
A deeper pullback to the 2023 low at 1.0496 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.
Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0503.
EUR/USD daily chart
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