EUR/USD Price Analysis: Rising bets for another test of the YTD low

• EUR/USD remains under pressure and drops below 0.9900.
• The so far 2022 low awaits at 0.9863 (September 6).

EUR/USD deepens its weekly correction and breaches the key support at the 0.9900 mark on Wednesday.

The pair have embarked on a corrective decline and this carries the potential to extend further and revisit the 2022 low at 0.9863 (September 6). The loss of this area should put the December 2002 low at 0.9859 back on the radar prior to the October 2022 low at 0.9685.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0709.

EUR/USD daily chart