EUR/USD Price Analysis: Risks remain tilted to the downside

• EUR/USD bounces off weekly lows near 1.1800 on Thursday.
• A breakdown of 1.1800 stays in the pipeline.

EUR/USD has so far reversed three consecutive daily pullbacks and manages to rebound from Wednesday’s weekly lows in the 1.1800 neighbourhood.

Below the latter there is a minor support at the 20-day SMA, today at 1.1786. The loss of this area should open the door to a deeper leg to 2021 lows near 1.1660 (August 20).

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 1.1998.

EUR/USD daily chart