EUR/USD Price Analysis: A drop below 1.1200 is picking up pace

• EUR/USD’s corrective downside probes the weekly lows around 1.1230/20.
• Further south emerges the next interim hurdle at 1.1186 (Fibo level)

EUR/USD has come under some selling pressure in the last couple of sessions and is now navigating the lower end of the weekly range in the 1.1230/20 band.

If the selling pressure gathers extra traction, then the focus should shift to the Fibo retracement (of the 2017-2018 rally) at 1.1186.

On the broader picture, the outlook on the pair is seen as constructive as long as the 200-day SMA, today at 1.1025, holds the downside.

EUR/USD daily chart