EUR/USD Price Analysis: A drop to 1.1700 remains in the pipeline

• EUR/USD remains unable to regain upside traction on Wednesday.
• Further downside is seen revisiting the 1.1700 area in the near-term.

EUR/USD loses further momentum and extend the leg lower after being rejected from the area above the 1.19 barrier on Monday.

In case sellers keep pushing, then the pair could recede further and revisit the key contention area around 1.1700, where converge a Fibo level and the 100-day SMA.

Looking at the broader scenario, extra gains in EUR/USD are likely while above the critical 200-day SMA, today at 1.1343.

EUR/USD daily chart