EUR/USD Price Analysis: Extra pullbacks remain on the table

• EUR/USD reverses the recent weakness but stays capped by 1.18.
• Extra downside could see the 2021 lows near 1.1700 re-visited.

EUR/USD leaves behind part of the recent weakness, although bulls so far failed to surpass the 1.18 mark.

Spot, in the meantime, flirts with the 2020-2021 line near 1.1790. A sustainable break below this zone would be an important bearish event and carries the potential to accelerate losses to, initially, the YTD low in the 1.1700 neighbourhood (March 31).

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2002.

EUR/USD daily chart