EUR/USD falls to session lows, what to expect next?

EUR/USD breaks below the 200-hour MA down to session lows of 1.1971

The euro is sliding across all major pairs right now as EUR/USD falls to session lows. I've mentioned earlier in the day holding below 1.2000 would be key, and a break below the 200-hour MA spells a larger downside move.

Buyers tried to regain control earlier in a move back above 1.2000, but that didn't last and sellers are now in total control of the pair.

At this point, the next level of support is at the 1.1900 psychological/figure level but the expected next level lingers around the 1.1850 level where we had the last consolidation phase in the pair from 20 Dec - 27 Dec.

I talked about political woes potentially weighing down on the euro here - and despite economic confidence reaching the highest point since 2000, it looks like the stretched positioning in the euro is taking a bit of a toll right now.