EUR/USD Price Analysis: Next support of note comes at 1.1185

• EUR/USD recorded new lows near 1.1260 on Wednesday.
• A deeper move could see 1.1185 retested in the short term.

Sellers remain well in control of EUR/USD and dragged it to the area of fresh 16-month near 1.1260 earlier on Wednesday.

The continuation of the downtrend appears favoured in the short-term horizon. That said, a breach of YTD low at 1.1263 (November 17) should aim to a drop further south to July’s 2020 low at 1.1185 ahead of 1.1168 (low June 19 2020).

In the meantime, extra losses remain on the cards as long as the pair trades below the immediate resistance line (off September’s high) today near 1.1610. In the longer run, the negative outlook persists while below the 200-day SMA, today at 1.1865.

EUR/USD daily chart