EUR/USD Price Analysis: Corrective downside could test 1.0730

• EUR/USD is extending the bearish note below 1.09 on Tuesday.
• Immediately to the downside emerges the April’s low at 1.0727.

EUR/USD came under extra selling pressure on Tuesday, extending Friday’s rejection from the area above 1.1000 the figure.

The continuation of the downtrend should face the initial support at the Fibo retracement at 1.0814 ahead of the more relevant April’s low in the 1.0730/25 band.

In the same line, the downside pressure is expected to mitigate once the 200-day SMA, today at 1.1031 is cleared.

EUR/USD daily chart