EUR/USD Price Analysis: Further down comes the 1.0770 region

EUR/USD sinks to fresh lows in sub-1.0900 levels.
The 1.0770 zone emerges as the next contention area.

EUR/USD collapses to as low as the vicinity of 1.0880 on the back of the intense rally in the greenback at the end of the week.

In light of the ongoing price action, there is a palpable risk for a deeper decline sooner rather than later. That said, if spot breaches the so far 2022 low at 1.0885 (March 4) then there are no support levels of significance until the 1.0770 region, where the May 2020 are located (May 7,14).

The negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1590.

EUR/USD daily chart

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