• EUR/USD resumes the downside and breaks below 1.1300.
• Another visit to YTD low at 1.1263 seems to be shaping up.

EUR/USD trades well on the defensive and puts the 1.1300 mark once again to the test at the end of the week.

The continuation of the downtrend appears favoured in the short-term horizon. That said, bets remain on the rise for another test of the so far 2021 low at 1.1263 (November 17). The loss of this area could drag spot to the round level at 1.1200 before the July 2020 low at 1.1185 ahead of 1.1168 (low June 19 2020).

In the meantime, extra losses remain on the cards as long as the pair trades below the immediate resistance line (off September’s high) today near 1.1600. In the longer run, the negative outlook persists while below the 200-day SMA, today at 1.1857.

EUR/USD daily chart