EUR/USD Price Analysis: Downward bias could extend to 1.0516

• EUR/USD slips back to the 1.0660 region, or multi-week lows.
• Further losses below 1.0600 exposes the March low.

EUR/USD quickly leaves behind Tuesday’s decent advance and resumes the downtrend on Wednesday.

The pair remains under heavy pressure and a breach of the May low at 1.0658 (May 31) could open the door to a test of the round level at 1.0600 prior to the March low at 1.0516 (March 15).

A deeper pullback to the 2023 low at 1.0481 (January 6) would likely need a sharp deterioration of the outlook, which appears not favoured for the time being.

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0492.

EUR/USD daily chart