EUR/USD Price Analysis: Third time is the charm?

• EUR/USD flirts once again with the key parity level.
• Below parity comes the December 2002 low at 0.9859.

EUR/USD quickly fades Wednesday’s bullish attempt to the 1.0120 region and re-focuses on the downside, particularly on the parity zone.

The pair’s bearish stance remains everything but abated for the time being. Against that, a convincing breakdown of the parity level should open the door to the triggering of massive stop-loss orders, while the next support level of note is expected to appear at the December 2002 low at 0.9859.

As long as the pair navigates below the 5-month support line near 1.0550, further losses remain in store.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.1040.

EUR/USD daily chart