EUR/USD Price Analysis: Further decline remains well on the cards

• EUR/USD accelerates the downside to the sub-1.1800 levels.
• A deeper pullback opens the door to test 1.1700.

EUR/USD drops further and records new 3-week lows in the 1.1770 area at the beginning of the week.

EUR/USD breaches the 1.1800 key support and in doing so paves the way for a probable move to, initially, the 1.1700 neighbourhood, where sits the March/late July lows. Further south, there are no relevant levels until the YTD low in the 1.1665/60 band (August 20).

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1995.

EUR/USD daily chart