EUR/USD Price Analysis: Further correction remains on the table

• EUR/USD’s downside momentum re-tests 1.1860/55.
• A drop to visit the 5-day SMA at 1.1813 should not be disregarded.

EUR/USD’s leg lower stays well in place so far this week. The move from post-NFP highs beyond 1.19 the figure has so far met contention near 1.1860.

Despite the current knee-jerk, the very near-term outlook for the pair stays positive and points to further gains on a daily close above recent tops near 1.1910.

Against this, there is an interim hurdle at the 100-day SMA, today at 1.1948, while the 55-day SMA, today at 1.1813, remains the magnet for EUR-bears.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2000.

EUR/USD daily chart