EUR/USD Price Analysis: Another drop to 1.0450 should not be ruled out

• EUR/USD reverses initial gains and refocuses on 1.0500.
• There is still scope for another visit to the YTD low near 1.0450.

EUR/USD gives away the initial advance to the 1.0570 region and shifts its attention back to the 1.0500 neighbourhood on Friday.

The continuation of the rebound should initially retarget the minor barrier at 1.0617 (September 29) ahead of the weekly peak of 1.0767 (September 12). On the flip side, if bears regain the upper hand, the pair could slip back to the area of yearly lows around 1.0450 (October 3).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA, today at 1.0823.

EUR/USD daily chart