EUR/USD Price Analysis: Extra decline expected below 1.1780

• EUR/USD clinches new lows near 1.1750 on Wednesday.
• Extra downside could see the YTD low around 1.1700 retested.

EUR/USD remains fragile below 1.1800 and threatens to breach the 2020-2021 support line near 1.1780.

A sustainable break below this zone would be an important bearish event and carries the potential to accelerate losses to the 2021 low in the 1.1700 neighbourhood (March 31).

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2002.

The almost oversold condition of the pair could spark some near-term bounce, with the immediate target at the key 1.1880/90 band.

EUR/USD daily chart