EUR/USD Price Analysis: A decline to 1.17 (and below) stays on the table

• EUR/USD sheds further ground and clinches lows near 1.1740.
• Further south emerge recent lows in the sub-1.17 area.

EUR/USD is fading part of the recent advance to fresh +2-year peaks in the 1.1915/20 band.

Extra losses in EUR/USD remain on the cards, including a probable move to the so far monthly lows just below 1.17 the figure (August 3). The recent bearish divergence in the daily RSI also reinforces the case for a weaker note in the near-term.

Looking at the broader picture, while above the critical 200-day SMA, today at 1.1107, the constructive bias in EUR/USD should remain unchanged.

EUR/USD daily chart