EUR/USD Price Analysis: Further weakness seems in the pipeline

• EUR/USD sheds further ground and drops to new YTD lows.
• Next on the downside comes the round level of 1.0400.

EUR/USD alternates gains with losses after bottoming out in new 2023 lows near 1.0460 on Tuesday.

If bears remain in control, the pair could embark on a probable challenge of the round level of 1.0400. If spot breaches this level, then it should meet the next support of note at 1.0290 (November 30, 2022).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA, today at 1.0.825.

EUR/USD daily chart