EUR/USD Price Analysis: A break below 1.1700 is not ruled out

• EUR/USD extends the mild recovery to the 1.1750 region.
• The pair could still re-test the area of 2021 lows near 1.1700.

EUR/USD manages to regain some composure and bounces off recent yearly lows in the 1.1700 neighbourhood.

The pair’s selling pressure is seen alleviating somewhat on a breakout of the critical 200-day SMA, today at 1.1867. Until that, sellers are expected to remain in control, leaving the door open to another visit to the YTD lows in the 1.1700 zone (March 31).

Further south of 1.1700 there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

While below the 200-day SMA the short-term stance for EUR/USD is expected to remain negative.

EUR/USD daily chart