EUR/USD Price Analysis: The 1.1800 area holds the downside…for now

• EUR/USD hits new 2021 lows in the 1.1800 neighbourhood.
• Further south comes in a minor support around 1.1760.

EUR/USD’s weekly decline appears to have met a decent contention just above the 1.18 yardstick so far on Thursday.

The recent breakdown of the 200-day SMA (1.1854) allows sellers to remain well in control of the sentiment surrounding the European currency, increasing the likelihood of further losses in the short-term horizon.

That said, below 1.1800 emerges a minor support at a Fibo level (of the November-January rally) near 1.1760. Further south there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

While below the 200-day SMA the short-term stance for EUR/USD is expected to remain negative.

EUR/USD daily chart