- EUR/USD extends further the recent weakness to 1.0940.
- A deeper retracement exposes a drop to the 1,0900 area.
EUR/USD keeps the bearish note unchanged and drops to 2-week lows in the 1.0940 zone on Monday.
Considering the ongoing price action, further decline remains in the pipeline with the immediate target at the weekly low in the 1.0900 neighbourhood (March 14). The breach of this level paves the way for a move to the 2022 low at 1.0807 (March 7).
The medium-term negative outlook for EUR/USD is expected to remain unchanged while below the key 200-day SMA, today at 1.1500.
EUR/USD daily chart
