EUR/USD Price Analysis: Another drop to 2021 lows stays on the cards

EUR/USD resumes the downside after two daily advances in a row.
Further south comes the YTD low at 1.1562.

EUR/USD leaves behind part of Monday’s advance to the 1.16400 area and returns to the 1.1600 neighbourhood on Tuesday.

If sellers push harder, then there are rising bets for the pair to retest the area of recent 2021 lows in the vicinity of 1.1560 (September 30). A breakdown of this area should put a potential decline to the 1.1500 zone back on the radar.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1957.

EUR/USD daily chart

Oct 5, 2021

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