EUR/USD Price Analysis: Rising bets for a move to YTD lows

• EUR/USD remains under pressure and approaches 1.1900.
• A deeper pullback targets the 1.1830 region in the short-term.

EUR/USD remains on the defensive after Wednesday’s moderate gains. The pair came under increasing selling pressure after faltering (once again) in levels just below 1.20 the figure during early trade.

So far, the 1.20 region continues to cap occasional bullish attempts, leaving the door open for an extension of the offered bias and a potential move to the 2021 lows in the 1.1835/30 band (March 9). This area of lows is reinforced by the proximity of the key 200-day SMA, today at 1.1840.

Below the latter, potential losses are expected to gather further steam with the next target at a Fibo level at 1.1762 ahead of the 2008-2020 support line in the 1.1600/1.1590 band. A deeper drop to the latter, however, is not contemplated for the time being.

EUR/USD daily chart