EUR/USD Price Analysis: Further decline could see 1.1065 tested

• EUR/USD is extending the rejection from the 1.1170/75 band.
• The 100-day SMA at 1.1065 emerges as the next target.

EUR/USD is adding to Friday’s pullback and trades in fresh yearly lows around 1.1080.

The selling pressure has accelerated following the breach of the key 55-day SMA in the 1.1090 region. If the downside pressure gathers pace, then the 100-day SMA at 1.1065 should come into focus.

The bearish view remains unchanged while below the 55-day SMA.

EUR/USD daily chart