EUR/USD Price Analysis: Further downside seen below the 55-day SMA

• EUR/USD is extending the correction lower from tops near 1.1100.
• While below the 55-day SMA, the outlook on the pair remains negative.

EUR/USD broke below the 100-day SMA and the short-term support line in the 1.1070 region following Friday’s failed attempt to surpass the 55-day SMA near 1.1090.

Above this area, the downside pressure should alleviate and allow for a move to the more relevant 200-day SMA, today at 1.1125.

If sellers keep ruling the market, then the 1.1000/1.0990 region should return to the investors’ radar.

EUR/USD daily chart