EUR/USD Price Analysis: Further weakness could re-visit 1.2000

• EUR/USD tumbles further and records fresh 2021 lows.
• The psychological support at 1.20 emerges as the next level of note.

EUR/USD extends the pessimism seen at the beginning of the week and navigates the area of new YTD lows around 1.2030.

Further decline in EUR/USD is now on the cards and is expected to challenges the key support at 1.20 the figure in the near-term. Further south lines up the Fibo level (of the November-January rally) at 1.1976.

On the broader picture, the constructive stance in EUR/USD remains unchanged while above the critical 200-day SMA, today at 1.1671.

Looking at the monthly chart, the (solid) breakout of the 2008-2020 line is a big bullish event and should underpin the continuation of the current trend in the longer run.

EUR/USD daily chart