EUR/USD Price Analysis: The parity level offers tough support so far

• EUR/USD quickly breaches the 1.0200 region to multi-day lows.
• The continuation of the decline could expose another test of parity.

EUR/USD breaks below the prevailing consolidation and threatens to revisit the 1.0100 zone on Tuesday.

If the pair breaches the 1.0100 region, then the next support of note is seen at the parity level, which is expected to hold the downside ahead of a potential drop to the 2022 low at 0.9952 (July 14).

In the meantime, the pair is expected to remain under downside pressure while below the 5-month support line around 1.0490.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0984.

EUR/USD daily chart