EUR/USD Price Analysis: Next on the downside comes 1.0635

• EUR/USD sees its decline gather pace and test the 1.0715 level.

• Down from here comes the May low in the 1.0630 zone.

EUR/USD put aside Monday’s modest bounce and resumed the downtrend on Tuesday.

The sharp retracement seen in the latter part of last week seems to have shifted the focus to the downside once again. On the contrary, a loss of 1.0700 support is expected to motivate the pair to challenge the low of 1.0635 (May 31) in the near future.

Meanwhile, further losses are in the pipeline while staying below the 200-day SMA, at 1.0819 today.

EUR/USD daily chart