Further weakness remains on the table

• EUR/USD adds to the weekly leg lower and revisits 1.0950.
• The weekly high at 1.1150 continues to cap the upside.

EUR/USD comes under intense selling pressure and flirts once again with weekly lows in the mid-1.0900s on Wednesday.

Considering the ongoing price action, spot could see its downside momentum accelerate and retest the weekly low of 1.0943 (July 28). The breakdown of this region could put a test of the 1.0910 zone, where the transitory 55-day and 100-day SMAs coincide, back on the radar.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0733.

EUR/USD daily chart