EUR/USD Price Analysis: Looks cautious near 1.1600

• EUR/USD meets initial support in the 1.1620 region so far.
• The probability of a deeper pullback stays on the cards.

EUR/USD briefly dropped to fresh lows near 1.1620 against the backdrop of prevailing cautiousness ahead of the key US November elections (Tuesday).

Further losses do seem likely in the very near-term, with the next target at the September’s low near 1.1610.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1316.

EUR/USD daily chart