EUR/USD Price Analysis: Still room for a move to 1.1750

• EUR/USD leaves behind Tuesday’s advance to 1.1840.
• The resumption of the downtrend could re-test 1.1750.

EUR/USD came under pressure after recording new weekly highs in the 1.1840/45 band on Tuesday.

Spot, in the meantime, flirts with the 2020-2021 line in the 1.1785/90 band. A sustainable break below this zone would be an important bearish event and carries the potential to accelerate losses.

Initial support comes in at the Fibo level at 1.1764 followed by monthly lows around 1.1750 and then the YTD low in the 1.1700 neighbourhood (March 31).

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2003.

EUR/USD daily chart