EUR/USD Price Analysis: Decent contention lies near 1.0100

• EUR/USD drops further and revisits the 1.0120 area.
• Extra losses should meet solid support around 1.0100.

EUR/USD challenges the August lows in the vicinity of 1.0120 on turnaround Tuesday.

While further correction appears likely in the short-term horizon, the lower end of the recent range in the 1.0100 zone should offer decent support prior to a potential challenge of the psychological parity level.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0880.

EUR/USD daily chart