EUR/USD Price Analysis: Rising odds for a visit to 1.0777

• EUR/USD tumbled further and met support near 1.0900 so far.
• Immediately to the downside emerges the 1.0814 Fibo retracement.

EUR/USD is extending the weekly leg lower following the recent breakdown of the key support at the 1.1000 neighbourhood, where also coincide the 55-day SMA and the January’s low.

If the selling pressure gains impulse, then another test of the Fibo retracement (of the 2017-2018 rally) at 1.0814 should not be ruled out in the near term, exposing at the same time a move to the February low at 1.0777.

Above the 200-day SMA at 1.107, the downside pressure is expected to run out of steam.

EUR/USD daily chart