EUR/USD Price Analysis: Still room for further losses

• EUR/USD makes a U-turn and regains the 1.0800 zone.

• Further decline could revisit the August low near 1.0760

EUR/USD managed to pick up some traction and regained the area above the 1.0800 figure seen earlier in the week.

The sharp retracement seen in the latter part of last week seems to have shifted focus to the downside. In contrast, the next area of contention aligns with the May low of 1.0635 (May 31) to the August low of 1.0765 (August 25).

In the meantime, further losses are in the pipeline while staying below the 200-day SMA, at 1.0817 today.

EUR/USD daily chart