EUR/USD Price Analysis: A deeper pullback likely below 1.0495

EUR/USD adds to Tuesday’s decline and retreats to 1.0570.
The immediate contention lines up around the 1.0500 zone.

EUR/USD remains under pressure and deflates to weekly lows in the 1.0570/65 band on Wednesday.

If losses accelerate, then the pair could drop to the weekly low of 1.0495 (October 13) prior to the 2023 low of 1.0448 (October 3). The loss of the later could put a probable visit to the round level of 1.0400 back on the radar in the not-so-distant future.

In the meantime, while below the 200-day SMA at 1.0815, the pair’s outlook should remain negative.

EUR/USD daily chart

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