EUR/USD Price Analysis: A drop to 1.0516 looms closer

• EUR/USD drops to new multi-month lows around 1.0570.
• Extra losses could extend to the March low near 1.0515.

EUR/USD maintains the bearish pressure well in place and prints new six-month lows in the 1.0570/65 band on Tuesday.

If the pair breaches this level in the short-term horizon, it could then open the door to a potential retracement to the March low of 1.0516 (Mar 8), which is the last defence ahead of an assault on the 2023 low at 1.0481 (January 6).

While below the key 200-day SMA at 1.0828, the pair is likely to face extra weakness.

EUR/USD daily chart