• EUR/USD plummets to the 1.0800 zone on Monday.
• Next on the downside emerges the 1.0770 area.

EUR/USD sinks to levels last traded in late May 2020 in the boundaries of the 1.0800 neighbourhood at the beginning of the week.

In light of the ongoing price action, there is the palpable risk for the continuation of the downtrend, at least in the very near term. That said, if spot breaches the so far 2022 low at 1.0805 (March 7) then there are no support levels of significance until the 1.0770 region, where the May 2020 are located (May 7,14).

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1583.

EUR/USD daily chart