EUR/USD Price Analysis: The 1.1300 region holds the downside so far

• EUR/USD extends the bearish move to the 1.1300 region.
• Extra losses look likely while below the 5-month line near 1.1390.

EUR/USD loses further ground following last week’s 2022 tops in levels just shy of 1.1500 the figure.

In the meantime, further losses in the pair remains in the pipeline while below the 5-month line near 1.1390. While capped by the latter, EUR/USD is expected to remain under pressure with the immediate target around the 1.1300 neighbourhood ahead of the pre-ECB meeting low at 1.1266 (February 3).

In the longer run, EUR/USD is expected to keep the negative outlook as long as it trades below the key 200-day SMA, today at 1.1656.

EUR/USD daily chart