• EUR/USD regains some composure following new cycle lows.
• The breach of the 2022 low at 0.9952 should trigger extra losses.

EUR/USD attempts a bull run after dropping to the mid-0.9900s on Thursday, levels last seen in December 2002.

Despite the ongoing bounce, the pair’s bearish stance remains everything but abated for the time being. Against that, another convincing breakdown of the parity level should expose the YTD low at 0.9952 (July 14) ahead of the December 2002 low at 0.9859.

As long as the pair navigates below the 5-month support line around 1.0545, further losses remain in store.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1033.

EUR/USD daily chart