EUR/USD Price Analysis: Scope for a decline to 1.0770

• EUR/USD remains under persistent selling pressure so far this week.
• The April low at 1.0768 is seen as the next support of significance.

EUR/USD is adding to Monday’s losses and approaches the key support at 1.08 the figure.

This area of support is reinforced by the Fibo retracement (of the 2017-2018 rally) at 1.0814. A breach of this area is expected to put the monthly low at 1.0768 (April 6th) back on the radar.

The selling pressure should mitigate somewhat above 1.0990/1.1000, opening the door to a potential visit to the critical 200-day SMA at 1.1048 ahead of late march tops in the mid-1.1100s.

EUR/USD daily chart