EUR/USD Price Analysis: Still scope for further losses

• EUR/USD drops further and printed new 2020 lows near 1.0780.
• Immediately below emerges 1.0710 (monthly low January 2016).

EUR/USD remains entrenched into the negative territory so far this year and there are no signs of even the slightest recovery, at least in the short-term horizon.

That said, extreme “oversold” conditions in the pair could trigger some corrective bullish attempts, although these are seen as selling opportunities for the time being.

While sellers remain in total control, the next target on the downside aligns in the 1.0700 neighbourhood, the January 2016 low.

EUR/USD daily chart