• EUR/USD remains on the defensive for the second straight session.
• A deeper decline to 1.0900 remains well on the table so far.

EUR/USD extends Wednesday’s bearish move to the 1.0970 region, where some contention seems to have emerged.

The pair, in the meantime, remains under pressure and the breach of the weekly low at 1.0960 (March 22) should initially spark further weakness to another weekly low at 1.0900 (March 14).

The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1510.

EUR/USD daily chart