EUR/USD Price Analysis: Probable drop to 1.1700… and below

• EUR/USD moves to the 1.1730/40 band once again.
• Key support is located at recent lows around 1.1700.

EUR/USD keeps the 3-day rangebound mood unchanged above 1.1700 on Wednesday.

In spite of the current bounce, the very near-term outlook for the pair remains fragile. If the upside gathers extra steam, then there are interim hurdles at the 10-day SMA at 1.1772 followed by the 1.1790 region, where sits the 55- and 20-day SMAs along with a Fibo level (of the June-August drop).

A breakdown of the September low at 1.1700 should expose the 2021 low at 1.1663 recorded on 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 1.1982.

EUR/USD daily chart