EUR/USD Price Analysis: Decline has further legs to go

EUR/USD drops further and records new 2022 lows near 1.1060.
A drop to 1.1000 starts emerging on the horizon.

EUR/USD extends the weekly retracement for the third session in a row, this time to new lows in the 1.1060/55 band.

Despite the daily RSI approaches the oversold territory, the pair could still go for further losses. Against this, the breach of the 2022 low at 1.1058 (March 2) could spark the continuation of the downtrend to the psychological 1.1000 mark in the not-so-distant future.

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1602.

EUR/USD daily chart

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