EURUSD Price Analysis: The weekly low near 0.9700 comes next

• EURUSD corrects further down and revisits 0.9730 on Thursday.
• Extra weakness could see the 0.9700 zone revisited near term.

EURUSD breaches the 0.9800 support and prints new 2-week lows around the 0.9730 level on Thursday.

Considering the ongoing price action, further downside should not be ruled out in the short term. Against that, the pair could slip back to the weekly low at 0.9704 (October 21) prior to the monthly low at 0.9631 (October 13).

Further losses remain on the cards in the near term while EURUSD navigates below the 9-month resistance line, today near 0.9880.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0474.

EURUSD daily chart