EUR/USD Price Analysis: The YTD low is just around the corner

• EUR/USD drops further and clinches new monthly lows.
• Next on the downside comes the 2022 low at 1.0805.

EUR/USD trades in an erratic fashion in the low-1.0800s so far on Wednesday.

In light of the ongoing price action, extra losses in the pair remain in the pipeline in the short-term horizon. Against that, a break below the so far monthly low at 1.0811 (April 13) should pave the way for a quick visit to the 2022 low at 1.0805 (March 7) before the May 2020 low at 1.0766 (May 7).

While below the 200-day SMA, today at 1.1445, the outlook for the pair is expected to remain negative.

EUR/USD daily chart