EUR/USD Price Analysis: A deeper drop looks likely below 1.1000

• EUR/USD extends the downtrend to the sub-1.1000 area.
• A close below 1.1000 should spark extra weakness.

EUR/USD trades on the defensive fort the third straight session and puts the 1.1000 mark to the test at the beginning of the week.

Considering the ongoing price action, further decline should not be discarded on a close below the 1.1000 level. That said, the immediate target emerges at the weekly low at 1.0944 (March 28) followed by another weekly low at 1.0900 (March 14) and prior to the 2022 low at 1.0807 (March 7).

The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1479.

EUR/USD daily chart