FXStreet notes that EUR/USD has broken below its 200-day moving average for the first time in 10 months. Mazen Issa, Senior FX Strategist at TD Securities, suggests that a dip below the 1.1800 level would imply a new 1.16-1.18 range.

“Despite a recent bounce in EZ PMIs, the EUR still can't buy a bid. Taken alongside the 200-dma breach, poor vaccine rollout, more lockdowns and more ECB buying suggests that EUR downside has further to run.”

“1.18 is a key pivot, but a break below will likely open talk of a new 1.16/1.18 range.”