EUR/USD Price Analysis: Upside looks corrective only

• EUR/USD adds to Friday’s small gains and revisits 1.1180.
• A breach of YTD low at 1.1121 should target 1.1100/1.1000.

EUR/USD stages a decent come back following last week’s fresh lows in the 1.1120 region (January 28), an area las visited in the summer of 2020.

So far, the ongoing strength is deemed as corrective only. That said, further downside appears likely and could extend to the round levels at 1.1100 and 1.1000 once the pair clears the so far 2022 low.

Extra losses in the pair remains well on the cards as long as it remains capped by the 4-month resistance line, today in the 1.1330/25 band.

In the longer run, the negative outlook is seen unchanged below the key 200-day SMA at 1.1690.

EUR/USD daily chart