EUR/USD Price Analysis: Room for further downside

• EUR/USD is prolonging the leg lower after failing ahead of 1.15 (Monday).
• A potential move to the 200-day at 1.1100 emerges on the horizon.

EUR/USD remains on the defensive so far this week and is now approaching the key support at 1.1200 the figure.

The continuation of the selling mood should put 1.1200 back on the radar ahead of a potential move lower to the critical 200-day SMA in the 1.1100 neighbourhood.

Looking at the broader picture, the outlook on the spot stays bullish while above the 55-day SMA, today at 1.1057.

EUR/USD daily chart