EUR/USD Price Analysis: Next on the downside emerges the 2023 low

• EUR/USD attempts to bounce off fresh 7-week lows near 1.0580.
• A deeper decline targets the YTD low near 1.0480.

EUR/USD remains under pressure and briefly pierced the 1.0600 support for the first time since early January.

If sellers push harder, spot could extend the downside to the 2023 low at 1.0481 (January 6), an area reinforced by the proximity of the temporary 100-day SMA, today at 1.0441.

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0329.

EUR/USD daily chart