• EUR/USD trades well on the defensive near 1.1540.
• A drop to the YTD low at 1.1524 stays in the pipeline.

EUR/USD retreats to fresh multi-day lows in the 1.1540 region on Thursday.

As long as the pair keeps trading below recent tops near 1.1600, a move lower should not be ruled out. Against that, EUR/USD faces the next support at the weekly low at 1.1535 (October 29), which if cleared should open the door to a visit to the 2021 low at 1.1524 (October 12.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1892.

EUR/USD daily chart