EUR/USD Price Analysis: Further decline forecast to test 1.1850

• EUR/USD flirts with weekly lows near the 1.1880 region.
• The next relevant support comes in at the 1.1850 zone.

The offered bias in EUR/USD picks up extra pace on Wednesday.

If the selling impulse accelerates, then there is the increasing chance that the pair could re-visit the area of 1.1850, or monthly lows, in the short-term horizon.

The near-term outlook for EUR/USD is forecast to remain on the negative side while below the key 200-day SMA, today at 1.1995.

Current oversold conditions could allow for a near-term rebound, with gains so far capped around 1.1970.

EUR/USD daily chart