EUR/USD Price Analysis: Rising bets for further weakness

• EUR/USD drops further and prints new lows near 1.0840.
• Further downside could see the 2022 low revisited.

EUR/USD extends the bearish move to fresh multi-week lows in the 1.0845/40 band on Friday.

Considering the ongoing price action, further decline remains well in place for the pair in the short-term horizon. That said, the 2022 low at 1.0805 (March 7) should come next followed by the May 2020 low at 1.0766 (May 7).

The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1459.

EUR/USD daily chart