EUR/USD Price Analysis: Corrective decline could have further legs to go

• EUR/USD faces some downside pressure near 1.1200.
• Still overbought condition could bolster further losses.

EUR/USD gives away further ground and confronts the key support at 1.1200 the figure on Wednesday.

While the continuation of the upside momentum appears favoured in the very near term, the pair’s current overbought conditions (as per the everyday RSI near 73) might spark a corrective knee-jerk.

Further north of the 2023 top at 1.1275 (July 18), the pair is expected to meet the next resistance level of note at the 2022 high of 1.1495 recorded on February 10.

Looking at the longer run, the positive view remains unchanged while above the 200-day SMA, today at 1.0673.

EUR/USD daily chart