EUR/USD Price Analysis: Rising bets for a test of the 200-day SMA

• EUR/USD drops further and reaches new lows near 1.1850.
• The 200-day SMA awaits in the 1.18 neighbourhood.

EUR/USD loses the grip further and extends the downside momentum further south of the 1.19 key support.

The current downtrend gathered extra steam and threatens to challenge the critical 200-day SMA, today at 1.1808. A move below the latter should shift the near-term outlook to bearish and expose further losses.

If the selling impetus gathers further steam, then the pair could test the 2008-2020 support line in the 1.1600 area.

EUR/USD daily chart