Initial support emerges at 1.0820

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– EUR/USD gives away further ground and retests 1.0820.

– The loss of the 200-day SMA should spark extra declines.

EUR/USD retreats for the fourth session in a row and puts the key 200-day SMA to the test on Monday.

A drop below the latter should pave the way for a deeper pullback to, initially, the intermediate 100-day SMA at 1.0778 and the 55-day SMA at 1.0681.

So far, while above the significant 200-day SMA, the pair’s outlook should remain constructive.

EUR/USD daily chart