EUR/USD Price Analysis: A breach of 1.1800 would not be surprising

• EUR/USD accelerates losses to the 1.1815/10 band on Wednesday.
• Some initial contention turned up near 1.1810, the 55-day SMA.

EUR/USD stays well on the defensive and approaches the key support in the 1.1800 region midweek. Spot shed nearly a cent since post-Payrolls tops beyond 1.1900 (September 3).

Immediate contention appeared in the 1.1815/10 band, Wednesday’s lows and home of the 55-day SMA.

The loss of this area could pave the way to a move to the interim down barrier at 1.1781 (20-day SMA). Further south there are no relevant support levels until the 2021 lows near 1.1660 (August 20).

In the meantime, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.1999.

EUR/USD daily chart