- EUR/USD drops further and printed new 2020 lows near 1.0820.
- Immediately below aligns the Fibo retracement at 1.0814.
EUR/USD remains entrenched into the negative territory and there are no signs of a recovery, at least in the short-term horizon.
That said, extreme “oversold” conditions as well as bouts of risk appetite could impulse the pair to test the 10-day SMA in the 1.0900 neighbourhood, although these could also be seen as selling opportunities.
Against this backdrop, the next target on the downside emerges at the Fibo retracement (of the 2017-2018 rally) at 1.0814.
EUR/USD daily chart