EUR/USD Price Analysis: A drop to 1.1780 stays on the cards

• EUR/USD fades part of the recent rebound on Monday.
• The 1.1780 area remains a magnet for EUR-sellers.

EUR/USD’s bull run seems to have lost momentum near 1.1880 once again on Monday.

While the upside remains capped by this area, further pullbacks are likely. Against this, the next stop on the downside comes in at the so far monthly lows around 1.1780 (July 7). This area of contention is reinforced by the 2020-2021 support line.

Further out, the near-term outlook for EUR/USD is seen on the negative side while below the key 200-day SMA, today at 1.2001.

EUR/USD daily chart