EUR/USD Price Analysis: Further retracements in store

• EUR/USD weakens to new multi-month lows around 1.0530.
• Next on the downside emerges the March low at 1.0516.

EUR/USD keeps the selling pressure well in place for the 7^th session in a row on Wednesday, printing new six-month lows around 1.0530 .

The continuation of the downward bias should leave the pair vulnerable to further losses with the immediate target at 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 1.0827, the pair is likely to face extra weakness.

EUR/USD daily chart