EUR/USD Price Analysis: Another drop to 1.0655 stays on the table

EUR/USD regains the smile following Wednesday’s marked drop.
Immediately to the downside appears the monthly low near 1.0650.

Pablo Piovano FXStreet

EUR/USD extends the multi-session consolidative phase around the 1.0700 neighbourhood so far on Thursday.

If the selling pressure gathers extra impulse, the pair could challenge he February low at 1.0655 (February 13) in the short-term horizon. The breach of the latter exposes further weakness to the YTD low at 1.0481 (January 6).

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0325.

EUR/USD daily chart

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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