EUR/USD Price Analysis: Bears look to the 200-day SMA

• EUR/USD remains under pressure around the 1.1900 area.
• A deeper pullback targets the 1.1830 region in the near-term.

EUR/USD remains on the defensive and gyrates around the 1.1900 neighbourhood as markets wait for the key FOMC gathering later in the NA session.

So far, the 1.20 region continues to cap occasional bullish attempts, leaving the door open for an extension of the offered bias and a potential move to the 2021 lows in the 1.1835/30 band (March 9). This area of lows is reinforced by the proximity of the key 200-day SMA, today at 1.1834.

Below the latter, potential losses are expected to gather further steam with the next target at a Fibo level at 1.1762 ahead of the 2008-2020 support line in the 1.1600/1.1590 band. A deeper drop to the latter, however, is not contemplated for the time being.

EUR/USD daily chart