EUR/USD Price Analysis: Further weakness not ruled out near term

• EUR/USD extends the corrective downside to the mid-0.9500s.
• A deeper move could see the 2022 low at 0.9535 revisited.

EUR/USD faces extra selling pressure and breaks below the 0.9800 mark to drop to the 0.9750 region on Monday.

Odds for extra weakness in the European currency remain well in store so far, with the immediate target at the 2022 low at 0.9535 (September 28). The loss of the latter should pave the way for a visit to the round level at 0.9500 prior to the weekly low at 0.9411 (June 17 2002).

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0645.

EUR/USD daily chart