EUR/USD Price Analysis: The door to a deeper pullback remains open

• EUR/USD keeps navigating in the low-1.0500s ahead of the FOMC.
• A visit to the YTD low at 1.0470 should not be ruled out in the near term.

EUR/USD adds to Tuesday’s gains around the 1.0530 region amidst a slight improvement in the sentiment.

The underlying bearish view in the pair remains well and sound and another visit to the 2022 low around 1.0470 (April 28) in the near term remains well on the cards for the time being. The breach of the latter should put the pair en route to a potential visit to the 2017 low at 1.0340 (April 21).

In the meantime, while below the 3-month line around 1.0970, extra losses in the pair are likely.

EUR/USD daily chart