EUR/USD Price Analysis: Scope for extra weakness near term

• EUR/USD manages to regain some poise and revisits 1.0580.
• Further losses could see the YTD low near 1.0480 retested.

EUR/USD regains some buying interest and advances to the 1.0580/85 band following two daily drops in a row.

The continuation of the downtrend seems favoured for the time being. Against that, the pair could dispute the 2023 low at 1.0481 (January 6) once the March low at 1.0524 (March 8) is cleared. Further losses are expected to retest the minor support at 1.0443 (weekly low December 7 2022).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0324.

EUR/USD daily chart