• EURUSD corrects further lower and touches 0.9730 again on Thursday.
• Further weakness could see the 0.9700 area revisited in the near term.

The EURUSD It breaks the 0.9800 support and trades fresh lows around 0.9730 on Thursday.

Taking into account the evolution of prices, a further drop in the short term should not be ruled out. On the contrary, the pair could go back to the weekly low of 0.9704 (Oct 21) before the monthly low of 0.9631 (Oct 13).

In the short term, further losses are anticipated as EUR/USD navigates below the 9-month resistance line, today near 0.9880.

In the longer term, the bearish view on the pair should remain unchanged as long as it is below the 200-day SMA at 1.0474.

EURUSD daily chart