• EUR/USD drops further and reaches new YTD low at 1.1436.
• Further selling could see the 1.1422 level revisited near term.

EUR/USD remains under heavy pressure on Friday, although the vicinity of 1.1430 appears to be holding well the downside for the time being.

The continuation of the downtrend appears favoured in the short-term horizon. Against this, and if the pair clears the YTD low at 1.1436, the focus of attention is expected to quickly gyrate to the June 2020 high at 1.1422 (June 10).

In the meantime, extra losses remain look likely as long as the pair trades below the immediate resistance line (off September’s high) today near 1.1630.

EUR/USD daily chart