EUR/USD Price Analysis: Below 1.10 exposes a drop to the 1.0980 area

• EUR/USD is challenging once again the 1.10 region, or YTD lows.
• The next support of relevance is located around 1.0980.

The persistent selling bias in EUR/USD has once again come to test the 1.10 neighbourhood and a tad below, where are located yearly lows.

A sustainable breach of the 1.10 mark is needed in order to allow for extra weakness with the initial target at the November’s low in the 1.0980 ahead of September’s lows in the 1.0930/20 band.

The negative view in the spot should remain unchanged below the 55-day SMA, today at 1.1088.

EUR/USD daily chart