EUR/USD Price Analysis: The 1.1700 zone holds the downside… for now

• EUR/USD rebounds from new 2021 lows in the 1.1700 area.
• Further south comes in the November 2020 low near 1.1600.

EUR/USD bounces off earlier yearly lows in the 1.1700 neighbourhood, manages to regain some upside traction and retest the 1.1750 region on Wednesday.

In the meantime, sellers remain in control of the price action around the pair for the time being, exposing a potential deeper retracement to the sub-1.1700 area in the short-term horizon.

Further south of 1.1700 there are no relevant support levels until the November 2020 lows in the 1.1600 zone.

While below the 200-day SMA (1.1864) the short-term stance for EUR/USD is expected to remain negative.