EUR/USD Price Analysis: Another test of the sub-0.9900 area appears probable

• EUR/USD reverses Tuesday’s gains and approaches 0.9900.
• Losses below the 2022 low could extend to 0.9860.

EUR/USD sees Tuesday’s bullish attempt rapidly eroded and refocuses instead on the lower end of the recent range near the 0.9900 area.

Further decline remains on the cards for the time being. That said, the breach of the 2022 low at 0.9899 (August 23) could sponsor a deeper pullback to the December 2002 low at 0.9859.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0838.

EUR/USD daily chart