EUR/USD Price Analysis: Clings to 1.1150s but downside risks remain

• The EUR/USD is under heavy downward pressure, as the pair eyes May 2020 swing lows.
• EUR/USD bulls failure to defend 1.1100, it would open the door towards 1.0775.

After holding above 1.1200 for too many days before USD bulls launched an attack to 2021 yearly low, however, the shared currency barely advances in the day. At the time of writing is trading at 1.1155, climbing 0.10% during the North American session.

EUR/USD Price Forecast: Technical outlook

During the overnight session for North American traders, the EUR/USD seesawed around  1.1140. However, in the European open, the pair dipped to 1.1122, jumping towards the daily high at 1.1173, attributed to USD month-end flows or technical moves, as the US Core PCE came at 4.9%, further emphasizing the need for higher rates on the Federal Funds Rate (FFR).

Weekly chart

The EUR/USD is downward biased, as depicted by the break of a bearish flag, which has 1.1100 as its target. Moreover, the weekly moving averages (WMAs) reside well above the spot price. So, a breach of the June 2020 swing lows at 1.1076 would accelerate a fall towards May 202 swing lows around 1.0775.

Daily chart

The EUR/USD daily chart depicts the pair as also downward biased, as the weekly chart. That said, the daily moving averages (DMAs) reside above the spot price. On January 26, the EUR/USD broke below the bottom trendline of a bearish flag, which gave way for a break of the 2021 yearly low at 1.1186 on Thursday. 

That said, the first support would be the figure at 1.1100. A breach of the latter would expose May 14, 2020, daily low at 1.0775