EUR/USD was once again rejected from the vicinity of 1.20 the figure earlier in the week, coming back all the way down to the sub-1.1900 area afterward. The inability of bulls to impose their will leaves the door open for an extension of the offered bias in the pair and favors a potential move to the 2021 lows in the 1.1835/30 band (March 9). This area of lows is reinforced by the proximity of the key 200-day SMA, today at 1.1843.
Below the latter, potential losses are expected to gather further steam with the next target at a Fibo level at 1.1762 ahead of the 2008-2020 support line in the 1.1600/1.1590 band. A deeper drop to the latter, however, is not contemplated for the time being.