EUR/USD Price Analysis: Further decline remains on the table

Market news

9 October 2023

EUR/USD Price Analysis: Further decline remains on the table

EUR/USD comes under pressure following Friday’s tops.
Extra weakness could prompt the pair to drop to 1.0450.

EUR/USD revisits the 1.0520 region following renewed downside pressure and following Friday’s climb to as high as the 1.0600 region.

In case bulls regain the initiative, the pair should initially retarget the minor barrier at 1.0617 (September 29) ahead of the weekly peak of 1.0767 (September 12). On the flip side, if bears regain the upper hand, the pair could slip back to the area of yearly lows around 1.0450 (October 3).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA, today at 1.0823.

EUR/USD daily chart

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